Inflation is likely to pick up because of President Donald Trump’s sweeping tariffs, and could remain elevated, Federal Reserve Chair Jerome Powell said Friday. “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,

President Donald Trump's new tariffs are "larger than expected," and the economic fallout including higher inflation and slower growth likely will be as well, Federal Reserve Chair Jerome Powell said on Friday,

"While tariffs are highly likely to generate at least a temporary rise in inflation, it's also possible the effects will be more persistent," Powell told the audience at the Society for Advancing Business Editing and Writing conference in Washington, D.C.

The Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth, and the Federal Reserve will focus on keeping price increases temporary, Fed Chair Jerome Powell said Friday.

US Fed Chair Jerome Powell says the Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth

President Trump just made the job of the Federal Reserve that much more difficult as he unveiled the steepest tariffs in more than 100 years, taking markets by surprise.