Jerome Powell, chair of the U.S. Federal Reserve, during a news conference following an FOMC meeting in Washington, D.C., on March 19, 2025. Photographer: Al Drago/Bloomberg.
When it comes to the crucial task of gauging the impact of tariffs on inflation, Federal Reserve Chair Jerome Powell has a game plan: Separate the signal from the noise. But the sheer scale and scope of President Donald Trump’s sweeping global levies have made the already difficult task more challenging—and more consequential.
Fed officials must decide this year whether to lower interest rates further to support the economy, or keep them elevated for longer to contain inflation. Economists expect the suite of tariffs to pull the Fed in both directions simultaneously by weakening growth and boosting prices.
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