Federal Reserve Says Clarity on Tariffs Will ‘Take Some Time’

The board minutes highlighted that ‘uncertainty remained about the timing, magnitude, and persistence of the effects’ of this year’s increase in duties.

8/20/2025|Updated: 8/20/2025

It’s going to take a while to sort out the impact of President Donald Trump’s tariffs on inflation, so members of the Federal Reserve board are not in unity on whether it’s time to introduce a rate cut,  minutes from the July policy meeting indicate.

Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of “The War on Cash.”