Federal Reserve Chair Jerome Powell stated that the bank will take time to assess the economic impact of recent inflation and tariff changes before making any decisions on interest rate cuts. This cautious stance diverges from President Trump's calls for immediate reductions. Powell emphasized the Fed's commitment to managing inflation and highlighted a shared expectation among economists for a rise in inflation. He noted that more information regarding tariff effects on inflation would emerge in the coming months, influencing the Fed's future policy decisions.
For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance.
We [the Federal Reserve] aren't commenting on tariffs. Our job is keeping inflation under control, and when policies have short- and medium-term, meaningful implications, then inflation becomes our job.
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