#PowellRemarks The president of the Federal Reserve, Jerome Powell, said on Friday that the tariffs approved by U.S. President Donald Trump are greater than expected and their economic consequences, such as rising inflation, are likely to be as well. Powell spoke as global markets continue to plummet, erasing around 10% of the main U.S. stock indexes since Trump announced a series of new tariffs. Just before starting his speech, Trump took to pressuring Powell through Truth, his social network, to lower interest rates. Powell declined to respond, making it clear that politics is not his forte.