Fed Chair Powell says he’s not worried about the economy amid Trump’s tariff chaos
CNN
America is feeling uneasy about the Trump administration’s rapid-fire trade policy changes, but Federal Reserve Chair Jerome Powell said Friday he’s not worried.
America is feeling uneasy about the Trump administration’s rapid-fire trade policy changes, but Federal Reserve Chair Jerome Powell said Friday he’s not worried. “Despite elevated levels of uncertainty, the US economy continues to be in a good place,” Powell said at an event hosted by the University of Chicago. “Sentiment readings have not been a good predictor of consumption growth in recent years.” “We do not need to be in a hurry, and are well positioned to wait for greater clarity,” he said. The Trump administration’s whipsawing on trade policy has sowed uncertainty for America’s decision makers, with some businesses noting that it is “impacting their ability to operate with confidence and take risks,” according to a recent Fed survey of firms across the country. It’s also weighed on major stock indexes: The S&P 500 lost all of its post-election gains this week and the Nasdaq fell into correction territory. Consumers aren’t taking the uncertainty too well, either. The Conference Board’s Consumer Confidence Index plunged in February over fears of Trump’s tariffs, as expectations of higher inflation climbed. America’s souring economic mood comes at a time when the US economy has shown early signs of slowing, but also of stubbornly elevated inflation — a toxic combination sometimes referred to as stagflation. Fed officials are now waiting to see if that twin threat materializes and some have already started to lay out how the central bank should respond if it does.
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