Washington | US 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 chairman Jerome Powell said.
“We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation”, undermining both of the Fed’s mandates of 2 per cent inflation and maximum employment, Powell said in prepared remarks on Friday (Saturday AEDT) for a business journalists’ conference in Arlington, Virginia.
