Calculated Risk - FOMC opinion on the Trump tax plan.They don't think it'll do much to change their situation, besides maybe giving them a little extra impetus to raise rates more, which anyone could have told you.
But also, this:
However, some business contacts and respondents to business surveys suggested that firms were cautious about expanding capital spending in response to the proposed tax changes or noted that the increase in cash flow that would result from corporate tax cuts was more likely to be used for mergers and acquisitions or for debt reduction and stock buybacks.
So it's simply going to pump a larger swing upward in the stock market.
Because asset valuations are the place where you see the elite plutocracy's demand-pull "inflation".