#PowellRemarks The President of the Federal Reserve, Jerome Powell, stated on Friday that the new sweeping tariffs from the Trump administration will likely 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 commented that the import taxes will likely lead to "at least a temporary rise in inflation," but added that "it is also possible that the effects could be more persistent."