"Federal Reserve Chair Jerome Powell blamed President Donald Trump's tariffs for inflation increasing on a number of everyday goods during a televised briefing on Tuesday afternoon. Total PCE prices rose 2.8% over the 12 months ending in September, and excluding the volatile food and energy categories, core PCE prices also rose 2.8%. These readings are higher than earlier in the year, as inflation for goods has picked up, reflecting effects of tariffs, Powell said."
"He continued to skewer Powell on Wednesday afternoon, soon after the chair gave his briefing. Trump told reporters it was amazing how well the economy was performing and how controlled inflation was, considering there was a dead head running the Fed. He also called Powell a stiff and said he was not too impressed with the rather small rate cut on Thursday."
Federal Reserve Chair Jerome Powell blamed President Donald Trump's tariffs for rising prices on everyday goods and cited an uptick in goods inflation. Total PCE prices rose 2.8% over the 12 months ending in September, and core PCE also rose 2.8% excluding food and energy. Inflation readings exceeded earlier levels as tariffs affected goods prices. The Fed lowered the federal funds rate by 25 basis points to 3.5%–3.75%, marking its third cut this year. President Trump criticized Powell, called him a 'dead head' running the Fed, and expressed dissatisfaction with the size of the rate cut.
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