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The Federal Reserve kept its benchmark interest rate unchanged on Wednesday and downgraded its assessment of the U.S. economy, with Chair Jerome Powell warning that higher tariffs are beginning to filter into consumer prices. Powell told reporters that the costs of the new duties are being split between consumers and retailers. While some firms intend to pass the levies through to shoppers, he said they "may not be able to do so in many cases," suggesting a slower-than-expected passthrough to final prices. Near-term measures of inflation expectations have edged higher this year on tariff headlines, Powell added, even as services inflation continues to ease. The remarks highlight the Fed’s concern that trade policy is complicating its efforts to guide inflation back toward its 2% target.
Tariffs are starting to show up in consumer prices, says Federal Reserve Chair Jerome Powell. Fed officials left interest rates unchanged but downgraded their view of the US economy, a sign policymakers could be edging closer to lowering borrowing costs. Powell said "we don't https://t.co/6cYLCQrdpm
Copy: Tariffs are starting to show up in consumer prices, says Federal Reserve Chair Jerome Powell. Fed officials left interest rates unchanged but downgraded their view of the US economy, a sign policymakers could be edging closer to lowering borrowing costs. Powell said "we https://t.co/upKo4uJE2A
Consumers and retailers are paying the majority of tariff impacts, says Chair Jerome Powell after the Federal Reserve voted to hold interest rates https://t.co/9YC6CqRL0h https://t.co/XRWq6FYtYu
