Jerome Powell

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.

Depending on the way things play out, that could include rate hikes, sorry, rate cuts. You know, it could include us holding where we are. We just are going to need to see, you know, how things play out before we make those decisions.

Depending on the way things play out, that could include rate hikes, sorry, rate cuts. You know, it could include us holding where we are. We just are going to need to see, you know, how things play out before we make those decisions.

The administration is entering into negotiations with many countries over tariffs. We'll know more with each week and month that goes by about where tariffs are going to land. And we'll know what the effects will be when we start to see those things. So we think we'll be learning. I can't tell you how long it will take.

The administration is entering into negotiations with many countries over tariffs. We'll know more with each week and month that goes by about where tariffs are going to land. And we'll know what the effects will be when we start to see those things. So we think we'll be learning. I can't tell you how long it will take.

But for now, it does seem like it's a fairly clear decision for us to wait and see and watch.