Skip to main content

About Us

We serve the public by pursuing a growing economy and stable financial system that work for all of us.

What We Do

Who We Are

Work With Us

Overview & Mission

The Ninth District

Our History

Tours

Contact Us

Region & Community

We examine economic issues that deeply affect our communities.

The Ninth District

Regional Economic Surveys

Regional Economic Indicators

Community Development & Engagement

The Bakken Oil Patch

Beige Book

Research

We conduct world-class research to inform and inspire policymakers and the public.

Research Groups

Topics

Data & Reporting

Banking

We provide the banking community with timely information and useful guidance.

For Banks

Data & Reporting

Banking Topics

Contact Us

For Consumers

Large Bank Stress Test Tool

CDFIs

Banking in the Ninth archive

Policy

We explore policy topics that are important for advancing prosperity across our region.

Policy Topics

Monetary Policy

Economic Research

Community Development & Engagement

Tariffs, Trade Wars, and the Natural Rate of Interest

Quarterly Review 4521 | Published August 27, 2025

Download PDF

Authors

Neil Mehrotra
Neil Mehrotra Assistant Vice President and Policy Advisor
Michael Waugh
Michael E. Waugh Monetary Advisor
Tariffs, Trade Wars, and the Natural Rate of Interest