Fed's Yellen downplays the softening in price pressures.

Shrinking the central bank's $4.5T balance sheet involves forces beyond the Fed's control.

Shrinking the central bank's $4.5T balance sheet involves forces beyond the Fed's control.

Historically, Republican presidents have been more likely to face a U.S. recession.

Historically, Republican presidents have been more likely to face a U.S. recession.

A rise in the dollar in response to more easing in Europe could encourage the Fed to go slow on rate hikes.

A rise in the dollar in response to more easing in Europe could encourage the Fed to go slow on rate hikes.

Officials are finding it hard to decouple U.S. monetary policy from the rest of the world.