New York Fed President John Williams stated on Friday that the unemployment rate might increase from its current 4.2% to a range of 4.5% to 5% over the next year. This projection is based on the combined impact of uncertainty and the tariff hikes announced by the White House. Williams emphasized that it is challenging to predict with precision how the economy will develop, but the general outline of the outlook for this year is becoming somewhat clearer after President Donald Trump indicated plans to raise tariff rates to their highest level in a century.
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