🚨Fed Chair Powell:

The impact of tariffs on the final consumer takes time to materialize. We have already started to see some effects, and we expect this impact to increase in the coming months.

However, there are serious uncertainties regarding the scope, duration, and magnitude of the tariffs. The increases this year are likely to slow economic activity and push inflation higher.

Moreover, the impact of these tariffs on inflation may not be temporary; it could be permanent.