Powell: Tariff-induced inflation may be ‘temporary’
The Federal Reserve expects inflation to be higher this year than it was last December, in part because of more retaliatory tariffs expected to be imposed on U.S. trading partners next month. But Fed Chairman Jerome Powell said that could be a temporary concern. Speaking at a news conference, Powell said inflation due to tariffs could be ‘temporary,’ but he also said further progress in reducing inflation this year could be delayed because of the tariffs.
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