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Economic Outlook 2025 Summer Final

Summary		2
National Economic Outlook		2
Baseline Forecasts		2
The Federal Reserve is waiting to see what the effects of trade tariffs are on inflation and economic growth before changing interest rates from their current levels. Tariffs could be expected to have one-time effects on prices if they are not counter...		2
Energy Outlook		4
Oklahoma Economic Outlook		6
Summary Tables		7
Forecasts Risks		9
There are many risks to the forecast, both to the upside and downside. On the upside, the U.S. labor market continues to positively surprise analysts, and tariffs have not yet had the magnitude of expected impact on prices. On the downside, sluggish e...		9
References		9

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