On July 22, Federal Reserve Chair Jerome Powell responded to questions on Trump tariffs, calling it ‘uncertain,’ noting that possible developments could significantly alter many aspects of the upcoming economic outlook. He reiterated that interest rate decisions are highly data dependent.
He remarked that, although inflation is moderating and the labor market remains strong, with unemployment at 4.2% and real wages rising, the FOMC needs “actual data” to be more confident that inflation will return to its 2% target on a sustainable basis.
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