US Edition
Fed's Powell Repeats His Warnings About Tariffs
- Federal Reserve Chair Jerome Powell testified on June 25 before the Senate Banking Committee, warning that new tariffs could raise inflation in the coming months.
- Powell emphasized uncertainty about the tariffs' impact and said officials need more data before deciding on further interest rate cuts despite pressure from President Trump to lower rates.
- He noted that many economists predict consumers will bear some cost of the import taxes, which could amount to hundreds of billions of dollars annually.
- Recent studies diverge on the tariffs’ effects: a Boston Fed paper claims nearly full cost passed to consumers with a 0.3–0.4 percentage point inflation increase, while a 2025 study finds much absorbed by retailers.
- Powell's testimony suggested that inflation could persist if tariffs remain high, implying the Fed will proceed cautiously with rate changes amid ongoing trade uncertainty.
18 Articles
18 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.
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.
The Billings Gazette
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.
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Bias Distribution
- 60% of the sources are Center
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