Powell: Tariffs "far exceeded expectations", the progress of the Federal Reserve's goal may be delayed until next year
2025-05-07 23:47:16
On May 8, Federal Reserve Chairperson Jerome Powell said at a press conference that the tariffs implemented by US President Donald Trump on April 2 local time were "much larger than expected". The current level of tariffs could lead to a slowdown in economic growth and could lead to higher long-term inflation. "If the announced substantial increases in tariffs continue to be implemented, inflation and unemployment could rise and economic growth could slow. The impact on inflation could be short-lived, reflected in one-off changes in price levels, but it could also be more persistent," Powell said. Powell said that given the scope and size of the tariffs, the risk of rising inflation and unemployment would certainly increase. If tariffs are ultimately maintained at current levels, the Federal Reserve's progress towards achieving its goals could be delayed until next year.
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