Fed Chair Powell on Tariffs: Trade Policy Has Become a Growing Concern Among Fed Members

‘I would say that a number of participants reported in, about their conversations with business leaders around the country and reported that trade policy has become a concern going forward for that group’

EXCERPT:

POWELL: “So, in terms of the balance sheet, we said that we carefully developed this plan. We carefully socialized it in a series of meetings last year. We announced it and we said we wouldn’t change it really unless there were significant downturn that required meaningful reductions in interest rates and I have no inclination to revisit that. We’re going to use monetary policy as the principal tool of adjusting our policy. So, on the second question, on tariffs, a number of participants in this FOMC did bring up the issue of tariffs. If I could summarize what came out of that, it was first that there is no thought, I think, that changes in trade policy should have any effect on the current outlook. The second thing is I would say that a number of participants reported about their conversations with business leaders around the country and reported that trade policy has become a concern going forward for that group."

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