Federal Reserve Chairman Jerome Powell has warned that tariffs are already driving up prices in a sharp rebuke to Donald Trump.
The president insists that his policies have curbed inflation, and he has repeatedly urged the Fed Chair to lower interest rates.
Resisting Trump’s demands once again, Powell explained that while prices have eased when it comes to services, costs are going up in other parts of the economy.
“Increased tariffs are pushing up prices in some categories of goods,” Powell said. “Near-term measures of inflation expectations have moved up on balance over the course of this year on news about tariffs.”
The head of the U.S. Central Bank made the remarks while speaking at his press conference at the end of the Fed’s two-day meeting.
On Wednesday, the Federal Reserve announced it was holding the federal funds rate steady between 4.25 percent and 4.5 percent despite Trump begging officials to lower interest rates.
This story is developing and will be updated.
The post Powell Hits Back at Trump for Tariffs Pushing Up Prices appeared first on The Daily Beast.
