US EditionPowell defends Fed’s ‘careful’ approach amid Trump insults, GOP pressure
- Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee that tariffs will cause some inflation starting this summer.
- Powell warned that while tariffs may trigger a one-time price increase, the risk of persistent inflation requires caution in cutting rates amid political pressure.
- Despite Trump and some Republican senators accusing Powell of bias and demanding immediate rate cuts, the Fed held interest rates steady between 4.25% and 4.5%.
- Supporting studies show tariffs partly raised consumer prices, but some research finds retailers absorbed costs, making the inflation impact complex and uncertain.
- The Fed plans to monitor tariff effects on inflation and economic growth before any policy changes, as Powell’s term is set to end in May amid ongoing debate.
64 Articles
64 Articles
Roanoke Times
Fed's Powell repeats his warnings about tariffs
WASHINGTON — Federal Reserve Chair Jerome Powell said Wednesday that President Donald Trump's sweeping tariffs will likely push up inflation in the coming months, even as some Republican senators suggested the chair was biased against the duties.
News Facts Network - Fed Chair Powell Defends Rate Policy as Trump, GOP Ramp Up Attacks
Federal Reserve Chair Jerome Powell defended the central bank’s decision to hold interest rates steady amid intense pressure from President Trump and Senate Republicans. Speaking before the Senate Banking Committee, Powell stressed the Fed’s cautious approach, citing economic uncertainty from Trump’s tariff policies. “If we make a mistake here, people will pay the cost for…
Powell Says Fed Needs to Manage against Risk That Tariff Inflation Proves Persistent
WASHINGTON, June 25 (Reuters) – The Trump administration’s tariff plans may well just cause a one-time jump in prices, but the risk it could cause more persistent inflation is large enough for the central bank to be careful in considering further rate cuts, Federal Reserve Chair Jerome Powell told a U.S. Senate panel on Wednesday.
Senator Pete Ricketts argued that tariffs could simply act as a more gradual increase in prices, while Senator Bernie Moreno accused Powell of political participation.
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