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Amid fast pace of change, Fed face time with businesses has become key to policy

At the end of last year, when Americans were still looking ahead to Donald Trump's second turn as president, most seemed right with the U.S. economy. Government contractors in Northern Virginia warned of a regional downturn as Trump targeted spending. Homebuilders in Richmond saw tariffs, tougher immigration rules and high interest rates boosting costs and risking higher rents.

Wall Street falls as tariff jitters grip markets

Wall Street's main indexes fell on Wednesday as investors worried about the potential impact of U.S. President Donald Trump's sweeping tariffs on the global economy, corporate earnings and inflation. Details of Trump's "Liberation Day" tariff plans were still being formulated and closely held ahead of a White House Rose Garden announcement ceremony scheduled for 4 p.m. ET (2000 GMT). Trump has said that his reciprocal tariffs aim to equalize the comparatively lower U.S. tariff rates with those imposed by other nations.