Powell is being too tough! Now a rate cut in September seems a bit difficult, and Powell even mocked Trump, saying the Great Beautiful Tax Law is of no use... Here are the key points from Powell's speech:
Powell: It's still too early to judge the impact of tariffs on inflation.
The impact of tariffs on consumer prices is beginning to show.
The upcoming inflation data is expected to reflect more of the tariff effects.
The process of tariffs being passed through to prices may be slower than previously anticipated.
It can be said that the Federal Reserve will view (tariff) inflation as subdued by 'not raising interest rates'.
Does not believe that the fiscal policies related to the 'Great Beautiful Tax Law' have any special stimulative effect.
We do not consider the cost of changes in government (debt) interest rates.'
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