Fed Warns of Persistent Inflation

“Federal Reserve chair Jerome Powell said Friday that bigger-than-expected tariffs will translate into higher inflation and slower economic growth — and that the higher inflation could be persistent, not temporary,” Axios reports.

Powell said that the tariffs, and their impacts on the economy and inflation, are “significantly larger than expected.”

“Powell’s remarks suggest that the Fed will offer no imminent relief from plunging markets and scrambled supply chains.”