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Fed President Jerome Powell said on Friday that he was expecting President Donald Trump’s tariff policy to raise prices and slow down economic growth, while noting that key economic indicators “still show a solid economy.”
Changes in the policy implemented by the White House have contributed to a “extremely uncertain perspective,” Powell said, making the remarks as the shares fell against the background of the escalating world trade war.
Despite the cloudy prospects, Powell said Trump’s tariffs are likely to increase consumer prices.
“Although it is very likely that tariffs will generate at least a temporary rise in inflation, it is also possible that the effects will be more resistant,” Powell told the audience at the Conference on Business and Writing Business in Washington, Columbia District, Columbia, Columbia, County, District Colombia, Colombia County,
Minutes before Powell talks, Trump has sharply criticized Powell, urging him to reduce interest rates.
“It would be a perfect time for Fed President Jerome Powell to reduce interest rates,” Trump said in a Truth Social publication.
This is a developing story. Please check again for updates.
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