Appearing before the Senate Banking Committee on June 25 for a second day of his semi-annual monetary policy report to Congress, Federal Reserve Chair Jerome Powell faced criticism from GOP lawmakers over the central bank’s failure to lower interest rates.
Repeating his position from the House Financial Services Committee hearing the day before, Powell told committee members that President Donald Trump’s sweeping global tariffs will likely raise inflation in the coming months.
The debate centers on whether these tariffs will lead to persistent long-term inflation pressures or one-time adjustments, Powell said.
“There will be some inflation from tariffs coming,” the Fed chief said. “Not yet, but over the course of the coming months.”…
Republican Senators Press Fed’s Jerome Powell on Delay in Rate Cuts
