Fed Chair Powell: Higher tariffs have begun to push up prices in some categories of goods

In my remarks today, I will first address the current economic situation and the near-term outlook for monetary policy. I will then turn to the results of our second public review of our monetary policy framework as captured in the revised statement on longerrun goals and monetary policy strategy that we released today. When I appeared at this podium one year ago, the economy was at an inflection point.Our policy rate had stood at 5 and a/4 to 5 1/2% for more than a year. That restrictive policy stance was ...