Jerome Powell

Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem. We'll continue to carefully monitor the incoming data, the evolving outlook, and the balance of risks. We're well positioned to wait for greater clarity before considering any adjustments to our policy stance.

It is too soon to say what will be the appropriate path for monetary policy.

It is too soon to say what will be the appropriate path for monetary policy.

In this situation... you actually have risks for higher unemployment and higher inflation.

In this situation... you actually have risks for higher unemployment and higher inflation.

In this situation... you actually have risks for higher unemployment and higher inflation.

It's difficult for a central bank because higher unemployment would call for speeding up the economy and higher inflation would call for slowing it down.

It's difficult for a central bank because higher unemployment would call for speeding up the economy and higher inflation would call for slowing it down.

It's difficult for a central bank because higher unemployment would call for speeding up the economy and higher inflation would call for slowing it down.

Tariffs are highly likely to generate at least a temporary rise in inflation. It's also possible that the effects could be more persistent. Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem.

Tariffs are highly likely to generate at least a temporary rise in inflation. It's also possible that the effects could be more persistent. Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem.

We've taken a step back and we're watching to see what the policies turn out to be and the ways in which they will affect the economy, and then we'll be able to act. Fortunately, our policy stance is in a good place for us to do that.

We've taken a step back and we're watching to see what the policies turn out to be and the ways in which they will affect the economy, and then we'll be able to act. Fortunately, our policy stance is in a good place for us to do that.

While uncertainty remains elevated, it is now becoming clear that tariff increases will be significantly larger than expected. And the same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remains uncertain.

While uncertainty remains elevated, it is now becoming clear that tariff increases will be significantly larger than expected. And the same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remains uncertain.

While tariffs are highly likely to generate at least a temporary rise in inflation, it's also possible that the effects could be more persistent.

While tariffs are highly likely to generate at least a temporary rise in inflation, it's also possible that the effects could be more persistent.

Clearly some of it, a good part of it, is coming from tariffs. President Trump doesn't like it.

Clearly some of it, a good part of it, is coming from tariffs. President Trump doesn't like it.

Clearly some of it, a good part of it, is coming from tariffs. President Trump doesn't like it.