Federal Reserve Chair Warns of Inflation Amid Tariff Disputes
Federal Reserve Chair Jerome Powell has warned that President Trump's newly announced global tariffs are likely to lead to higher inflation and slower economic growth. Despite calls from the administration to cut interest rates, Powell emphasized the risks associated with escalating trade tensions.
Details:
Inflation Concerns: Powell indicated that the tariffs are more extensive than previously expected, which could amplify their economic impact and lead to both temporary and enduring inflationary effects.
Federal Reserve's Stance: While the administration urges for interest rate cuts, Powell stated that any rate decisions will be based on policymakers' judgment and economic conditions, not political pressure.
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