Jerome Powell

If the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment. The effects on inflation could be short-lived, reflecting a one-time shift in the price level. it is also possible that the inflationary effects could instead be more persistent.

If the large increases in tariffs that have been announced are sustained, they're likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment. The effects on inflation could be short-lived, reflecting a one-time shift in the price level. it is also possible that the inflationary effects could instead be more persistent.

Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and ultimately on keeping longer-term inflation expectations well anchored.

Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and ultimately on keeping longer-term inflation expectations well anchored.

Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and ultimately on keeping longer-term inflation expectations well anchored.

In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged. The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments.

In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged. The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments.

In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged. The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments.

My gut tells me that uncertainty about the path of the economy is extremely elevated and and that the downside risks have increased. The risk is, as we pointed out in our statement, the risks of higher unemployment and higher inflation have risen, but they haven't materialized yet. They're really not in the data yet.

My gut tells me that uncertainty about the path of the economy is extremely elevated and and that the downside risks have increased. The risk is, as we pointed out in our statement, the risks of higher unemployment and higher inflation have risen, but they haven't materialized yet. They're really not in the data yet.

My gut tells me that uncertainty about the path of the economy is extremely elevated and and that the downside risks have increased. The risk is, as we pointed out in our statement, the risks of higher unemployment and higher inflation have risen, but they haven't materialized yet. They're really not in the data yet.

My gut tells me that uncertainty about the path of the economy is extremely elevated and that the downside risks have increased. The risks of higher unemployment and higher inflation have risen. But they haven't materialized yet. They're really not in the data yet.

My gut tells me that uncertainty about the path of the economy is extremely elevated and that the downside risks have increased. The risks of higher unemployment and higher inflation have risen. But they haven't materialized yet. They're really not in the data yet.

My gut tells me that uncertainty about the path of the economy is extremely elevated and that the downside risks have increased. The risks of higher unemployment and higher inflation have risen. But they haven't materialized yet. They're really not in the data yet.

What looks likely, given the scope and scale of the tariffs, is that we will see certainly the risks to higher inflation, higher unemployment have increased. And if that's what we do see, and if the tariffs are ultimately put in place at those levels, which we don't know, then we won't see further progress toward our goals. But we might see a delay in that.

What looks likely, given the scope and scale of the tariffs, is that we will see certainly the risks to higher inflation, higher unemployment have increased. And if that's what we do see, and if the tariffs are ultimately put in place at those levels, which we don't know, then we won't see further progress toward our goals. But we might see a delay in that.

What looks likely, given the scope and scale of the tariffs, is that we will see certainly the risks to higher inflation, higher unemployment have increased. And if that's what we do see, and if the tariffs are ultimately put in place at those levels, which we don't know, then we won't see further progress toward our goals. But we might see a delay in that.

I think in our thinking, we would never do anything but keep achieving those goals. But we would, at least for the next, let's say, year, we would not be making progress toward those goals. Again, if that's the way the tariffs shake out. The thing is, we don't know that. There's so much uncertainty about the scale, scope, timing, and persistence of the tariffs.

I think in our thinking, we would never do anything but keep achieving those goals. But we would, at least for the next, let's say, year, we would not be making progress toward those goals. Again, if that's the way the tariffs shake out. The thing is, we don't know that. There's so much uncertainty about the scale, scope, timing, and persistence of the tariffs.

I think in our thinking, we would never do anything but keep achieving those goals. But we would, at least for the next, let's say, year, we would not be making progress toward those goals. Again, if that's the way the tariffs shake out. The thing is, we don't know that. There's so much uncertainty about the scale, scope, timing, and persistence of the tariffs.