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When asked directly about President Trump’s tariffs and how they could impact the Federal Reserve’s monetary policy path, Fed Chair Jerome Powell admitted it’s rather unclear.
As he did during a Jan. 29 press conference, Powell stressed there is increased uncertainty right now as the Fed waits to hear what exactly happens with Trump’s policy. He added that while tariffs could impact the economic outlook and cause the Fed to change its monetary policy plans, the central bank is also watching immigration, fiscal policy, and regulatory policy.
Powell said they can’t assess how any of those factors will impact the economic outlook until it’s clear what policies are actually being put into place.
For now, Powell said Wednesday’s January CPI reading showed similar signs to what the Fed has been seeing.
Powell said inflation is "close" to the Fed’s 2% goal but "we’re not there yet."
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