Fed Chair Jerome Powell warned on Friday that President Donald Trump’s sweeping tariffs would likely push inflation higher, dampening investors’ hopes that the central bank would cut interest rates later this year.

Inflation is likely to pick up because of President Donald Trump’s sweeping tariffs, and could remain elevated, Federal Reserve Chair Jerome Powell said Friday. “We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,

Speaking at a conference on Friday, Federal Reserve Chair Jerome Powell said “it is now becoming clear that the tariff increases will be significantly larger than expected,” and the economic