The Trump administration is in a standoff with the Chinese government as trade tensions escalate, leaving U.S. businesses in the cross hairs

© Eric Lee/The New York Times

Gross domestic product grew by 2.3 percent in the fourth quarter, capping a more robust year than expected. Policy uncertainty clouds the outlook.

The market perked up late in the year when interest rates eased, but affordability challenges yielded the fewest transactions since 1995.

The Consumer Price Index rose 2.9 percent from a year earlier, but a measure of underlying inflation was more encouraging.

Economists have long helped to shape policy on issues like taxes and health care. But flawed forecasts and arcane language have cost them credibility.

Stubborn inflation, and potential tariffs, make future rate cuts uncertain.