Tariffs Will Likely Raise Prices, Hurt Growth, Fed’s Powell Tells Congress

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Federal Reserve Chairman Jerome Powell on June 24 told lawmakers on Capitol Hill that tariffs will likely raise inflation and weigh on the U.S. economy.

Powell will deliver his semiannual monetary policy to Congress this week, emphasizing that economic activity is robust, employment conditions are solid, and inflation remains slightly above the institution’s 2 percent target.

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