Fed Day, Economists' Written Warning, Euro Area Growth: Eco Day

(Bloomberg) -- Good morning, Americas. Here's news from Bloomberg Economics to help get your Wednesday started:

It's Fed decision day, and officials have a tricky problem to navigate at their meeting: how to shape expectations for the pace of future rate increases after inflation just bounced back to their 2 percent target
Meanwhile, more than 1,100 economists, including Nobel laureates and former presidential advisers, have signed a letter warning Donald Trump about his tariff-heavy approach to trade
- Many of its passages quote directly from another letter sent in 1930, cautioning against protectionist measures the U.S. imposed at the start of what became the Great Depression
U.S. factories are having too much of a good thing, with surging demand leading to system-wide bottlenecks that are weighing on business and potentially the broader economy
Euro-area economic growth slowed to 0.4 percent in the first quarter, posing a challenge for the European Central Bank as it contemplates paring back monetary stimulus measures
- Still, the moderation in global economic growth appears to be contained, according to a tracker by Goldman Sachs
- U.K. construction recovered in April as the impact of the previous month's torrid weather faded, but the rebound was “somewhat underwhelming” according to IHS Markit
  - Even so, the report adds weight to the argument of Bloomberg Economics, which says that the economy's first-quarter weakness will prove temporary, and sees growth rebounding sharply