MNI BRIEF: Fed's Powell - Tariffs Stymie Dual Mandate Goals

Federal Reserve Chair Jerome Powell said Wednesday tariffs are likely to raise both unemployment and inflation, which will either move the central bank away from its goals or at least prevent it from making fresh progress toward achieving them. 

“We’ll be moving away from those goals for the balance of this year, at least not making any progress, and then we’ll resume that progress," he said. "Our role is to make sure this will be a one-time increase in prices." (See MNI INTERVIEW: Fed Needs More Hawkish Message- Emmons)