Federal Reserve Chairman Jerome Powell has warned that the broad tariffs introduced by the Trump administration this week are likely to increase inflation and slow economic growth. The Fed is expected to maintain its benchmark interest rate unchanged. Powell stated that inflation will rise while growth slows, but the appropriate monetary policy path remains unclear. Following the tariffs on over 180 countries, global trade tensions have intensified, causing all three major U.S. market indexes to drop at least 10% from their record highs, sparking recession fears. China responded with a 34% retaliatory tariff on U.S. goods.
— new from Forbes