US Federal Reserve Chair Jerome Powell, whereas holding the benchmark lending charges unchanged on Wednesday, raised apprehensions over the impression of the now-paused excessive import tariffs introduced by US President Donald Trump final month.
The tariffs maintain the potential to set off inflation, and stoke unemployment, whereas additionally curbing the tempo of financial progress, Powell stated in a press briefing following the Federal Open Market Committee assembly.
“Tariffs, if sustained, are more likely to generate an increase in inflation, a slowdown in financial progress and a rise in unemployment,” he stated.
The Powell-led FOMC has left the benchmark lending charges unchanged within the vary of 4.25-4.5%.
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