Fed Chairman Powell says Trump tariffs risk higher inflation, slower growth
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Federal Reserve (Fed) Chairman Jerome Powell said on Friday that United States (US) President Donald Trump’s tariffs are bigger than expected, and they risk higher inflation and slower growth while delivering his prepared speech at the annual conference for the Society for Advancing Business Editing and Writing. Key takeaways from Powell’s speech “Too soon to say what will be the appropriate path for monetary policy.” “Fed well-positioned to wait for greater clarity before considering policy adjustments.” “Tariffs likely to raise inflation in coming quarters; more persistent effects possible.” “Becoming clear that tariff increases will be significantly larger than expected; same is true of economic effects.” “Most measures of long-term inflation remain well-anchored.” “Fed’s obligation is to make certain that one-time increase in price levels doesn’t become an ongoing inflation problem.” “Data show solid growth, labor market in balance, inflation much closer to, but still above, 2% goal.” “Surveys show dimming expectations, higher uncertainty due to new federal policies, especially trade.” “Fed is closely watching tension between hard and soft data.” “Unemployment rate still in low range, job market not a source of inflation.” “Progress toward 2% inflation goal has slowed.” Market reaction to Powell’s speech The US Dollar (USD) holds its ground following these remarks. At the time of press, the USD Index was up 0.7% on the day at 102.65. US Dollar PRICE Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.65% 1.33% -0.15% 0.85% 4.87% 3.69% -0.36% EUR -0.65% 0.72% -0.78% 0.27% 4.20% 3.07% -0.95% GBP -1.33% -0.72% -1.49% -0.47% 3.48% 2.33% -1.66% JPY 0.15% 0.78% 1.49% 0.98% 4.98% 3.75% -0.22% CAD -0.85% -0.27% 0.47% -0.98%…
Filed under: News - @ April 4, 2025 4:19 pm