Fed's Powell repeats warning about tariffs as some GOP senators accuse him of bias
WASHINGTON — Federal Reserve Chair Jerome Powell said Wednesday that President Donald Trump's sweeping tariffs will likely push up inflation in the coming months, even as some Republican senators suggested the chair was biased against the duties.
On the second day of his twice-yearly testimony before the House and Senate, Powell said that consumers will likely have to shoulder some of the cost of the import taxes. Most Fed officials support cutting rates this year, Powell added, but the central bank wants to take time to see how inflation changes in the months ahead.
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