Trump tariffs 'significantly higher' than expected, higher inflation possible Fed chair says

During an appearance at The Economic Club of Chicago on Wednesday, Federal Reserve Chair Jerome Powell delivered some good news and some bad news.

The good news, he said, was that despite elevated uncertainty and downside risks, the American economy "is still in a solid position." The bad news is that it could soon change as President Donald Trump's sweeping tariffs threaten to upend that economic stability.

“The level of tariff increases announced so far is significantly larger than anticipated and the same is likely to be true of the economic effects, which will include higher inflation and slower growth," Powell said.

#trump #tariffs #federalreserve #jeromepowell #inflation #economy

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