The Federal Reserve's holding pattern appears set to continue indefinitely - or at least through the Summer. Perceptions of heightened outlook risks and deteriorating sentiment may or may not portend stagflation, but present circumstances are not yet so grave and pivotal facts may change. The economy's resilience has afforded the Fed time to await clearer indications out of Washington - particularly on tariffs - in order to assess implications for employment and inflation. Such clarity may not be forthcoming for months but will eventually allow the FOMC to more confidently chart a suitable path for monetary policy - even one that may require a difficult balancing act. For now, full employment, above-target inflation, and an amorphous forecast have called for the status quo as the world awaits further clarity.