in his last Fed meeting, Jerome Powell reiterates his description of tariffs-induced inflation. Fed's Powell Says Inflation Overshoot Caused by Trump 2.0'sTariffs Federal Reserve Chair Jerome Powell said Wednesday that the current overshooting of the central bank's 2% inflation target is mostly the result of President Donald Trump's import tax hikes. "It's really tariffs that are causing the most of the inflation overshoot," Powell said after the latest Fed meeting, reiterating his expectation the tariff impact on inflation is likely to be a "one-time price increase."
Whether Powell is holding back the printer because he wants to stick his finger in Trump's eye or he wants to have a Volcker 2.0 legacy, Trump is still going to appoint a Fed chair this Spring that is going to run it hot AF and then stick his successor with massive inflation bill come 2028.
Powell is nearing the end of his term, having carved out a legacy of sticking the landing, "captain sully"-esque
That may be his legacy 20 years from now, but definitely not today. Trump successfully muddies the waters about everything. His supporters believe Powell has intentionally disrupted Trump's economic grand vision.
There is no such thing as 'landing'. The economy is always in flight. It's only a matter of time until something breaks again and then we get more can kicking like Powell and his predecessors have all done. Its just a never-ending game of hot potato.
Powell could be blowing dollars out of his ass 24/7 and Trump would still b**** and blame him for everything. It's not a matter of if Orange Man throws you under the bus, but when.
on the heels of loosened monetary policies during the shutdown, Russia's unexpected invasion of Ukraine drive wheat/grain prices up, as as well as oil prices. inflation skyrocketed to the low 9%. Powell raised rate once and kept it unchanged for about 12 months, bringing inflation down to the 3-4% range that is sticking the landing
If it wasn't Trump, it'd be somebody else. Money printer must go brrr. If I'm Powell I'm just white knuckling it hoping to god I can retire before a major blowout.
