Summary Federal Reserve Chair Jerome Powell warns President Donald Trump’s sweeping tariffs will likely increase inflation. A 10% tariff on all US imports begins Saturday, with higher tariffs coming April 9. Economists project rising consumer prices and JPMorgan sees 60% chance of global recession if tariffs remain. The Fed faces difficult choices if tariffs create ‘stagflation’ – accelerating inflation with stagnant economic growth and rising unemployment. Powell indicated the Fed will keep rates on hold longer amid uncertainty from Trump’s economic policies. This summary
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