#PowellRemarks At the June Fed meeting, Chair Jerome Powell left rates unchanged at 4.25–4.50%, signaling caution amid economic uncertainty. He emphasized that forecasts—including two expected rate cuts this year—are “data‑dependent” and not held with “a great deal of conviction” . Powell warned that rising tariffs will likely push goods inflation higher over the summer and that, ultimately, “someone has to pay for the tariffs” . He also urged against deep government data cuts, saying the Fed relies on robust information to guide policy . Overall, Powell stressed the need for patience, humility, and maintaining independence amid evolving risks.