#PowellRemarks The President of the Federal Reserve, Jerome Powell, stated on Friday that the new sweeping tariffs from the Trump administration are likely to lead to higher inflation and slower growth for the U.S. economy.

Powell expressed that the tariffs, and their likely impacts on the economy and inflation, are "significantly greater than expected." He also mentioned that the import taxes are likely to result in "at least a temporary increase in inflation," but added that "it is also possible that the effects could be more persistent."

"Our obligation is... to ensure that a one-time increase in the price level does not become a continuous inflation problem," Powell stated during remarks at a conference of the Society for the Advancement of Business Editing and Writing.

Powell also emphasized that the total impact of the tariffs on the economy is still unclear, and the Fed will remain on the sidelines until it has more clarity on the economy. He acknowledged that many companies have said they are postponing new investments until they have a better idea of the impact of the tariffs.

"There is a lot of waiting and watching, even on our part," Powell said during a question-and-answer session. "And that seems to be the right thing to do in this period of uncertainty."

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