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Recent Powell Remarks (as of April 18, 2025):
Based on recent news, Jerome Powell delivered remarks at the Economic Club of Chicago on Wednesday, April 16, 2025. Key themes from these remarks include:
* Tariffs and Economic Impact: Powell emphasized that the recently imposed tariffs by the Trump administration are "significantly larger than anticipated" and are likely to lead to higher inflation and slower economic growth.
* Inflation Risks: He highlighted the potential for these tariffs to create persistent inflationary pressures, a concern the Fed is closely monitoring.
* Monetary Policy Stance: While acknowledging the potential negative impacts of tariffs, Powell suggested the Federal Reserve can remain patient and wait for greater clarity on the effects of these policies before making any changes to interest rates. He also indicated a reluctance to cut rates to bail out financial markets if stocks decline due to tariff concerns, emphasizing the Fed's focus on controlling inflation.
* Dual Mandate Challenges: Powell pointed out that the tariffs could create a "challenging scenario" where the Fed might have to navigate both rising inflation and a weakening economy, potentially putting its dual mandate of maximum employment and stable prices in tension.
* Independence of the Fed: Powell reiterated that the Fed's decisions will be based solely on what is best for all Americans and will not be influenced by political pressure.