Jerome Powell

professionals that work in the foreign aid and international development sector, there's a really common perspective that reform is absolutely necessary, but that this isn't the way to do it. And that this is a decision that objectively leads to the loss of a lot of lives in a way that a lot of the American public is very insulated from and just completely unaware of.

It's definitely not something for me that I've completely ruled out. But even if a new president comes along, there really isn't an easy way to magically rebuild the capacity that the US has built up with these international development programs over decades of work. So I think that it's more of a delaying of what my goals look like and where I want to be.

It's definitely not something for me that I've completely ruled out. But even if a new president comes along, there really isn't an easy way to magically rebuild the capacity that the US has built up with these international development programs over decades of work. So I think that it's more of a delaying of what my goals look like and where I want to be.

It's definitely not something for me that I've completely ruled out. But even if a new president comes along, there really isn't an easy way to magically rebuild the capacity that the US has built up with these international development programs over decades of work. So I think that it's more of a delaying of what my goals look like and where I want to be.

I feel like a lot of the actions that are happening are sort of trying to isolate us and make us feel small. But that's really not the case because we're all going through such similar things and we have to work together for change and just like for, I don't know, for something better than this to happen.

I feel like a lot of the actions that are happening are sort of trying to isolate us and make us feel small. But that's really not the case because we're all going through such similar things and we have to work together for change and just like for, I don't know, for something better than this to happen.

I feel like a lot of the actions that are happening are sort of trying to isolate us and make us feel small. But that's really not the case because we're all going through such similar things and we have to work together for change and just like for, I don't know, for something better than this to happen.

I really agree with you. I think that it has taught me a lot about resiliency in a way that I wasn't really expecting to have as a lesson in my college career. I just think that it's going to take me a few years longer than I expected to sort of realize my post-college dream. But I think that I'll get there eventually.

I really agree with you. I think that it has taught me a lot about resiliency in a way that I wasn't really expecting to have as a lesson in my college career. I just think that it's going to take me a few years longer than I expected to sort of realize my post-college dream. But I think that I'll get there eventually.

I really agree with you. I think that it has taught me a lot about resiliency in a way that I wasn't really expecting to have as a lesson in my college career. I just think that it's going to take me a few years longer than I expected to sort of realize my post-college dream. But I think that I'll get there eventually.

The economic environment has changed significantly since 2020, and our review will reflect our assessment of those changes. Longer-term interest rates are a good deal higher now, driven largely by real rates, given the stability of longer-term inflation expectations. Many estimates of the longer-run level of the policy rate have risen, including those in the summary of economic projections.

The economic environment has changed significantly since 2020, and our review will reflect our assessment of those changes. Longer-term interest rates are a good deal higher now, driven largely by real rates, given the stability of longer-term inflation expectations. Many estimates of the longer-run level of the policy rate have risen, including those in the summary of economic projections.

Higher real rates may also reflect the possibility that inflation could be more volatile going forward than during the inter-crisis period of the 2010s. We may be entering a period of more frequent and potentially more persistent supply shocks, a difficult challenge for the economy and for central banks.

Higher real rates may also reflect the possibility that inflation could be more volatile going forward than during the inter-crisis period of the 2010s. We may be entering a period of more frequent and potentially more persistent supply shocks, a difficult challenge for the economy and for central banks.

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.

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.