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

Powell expressed that the tariffs, and their probable impacts on the economy and inflation, are "significantly greater than expected." He also commented that import taxes are likely to lead to "at least a temporary increase in inflation," but added that "it is also possible that the effects may 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.