Federal Reserve Chairman Jerome Powell on June 24 told lawmakers on Capitol Hill that tariffs will likely raise inflation and weigh on the U.S. economy.
Powell will deliver his semiannual monetary policy to Congress this week, emphasizing that economic activity is robust, employment conditions are solid, and inflation remains slightly above the institution’s 2 percent target.
Reiterating his comments from last week’s post-meeting news conference, Powell stated that policy changes will likely evolve, meaning that their effects on the broader economy are uncertain.
While tariff effects will depend on their “ultimate level,” Powell cautioned that levies could revitalize price pressures….
Tariffs Will Likely Raise Prices, Hurt Growth, Fed’s Powell Tells Congress
