Powell blames elevated inflation on tariffs

Inflation has eased significantly from its highs in mid 2022, but remains somewhat elevated relative to our 2% longerrun goal. Very little data on inflation have been released since our meeting in October. Total PCE prices rose 2.8% over the 12 months ending in September. And excluding the volatile food and energy categories, core PCE prices also rose 2.8%.These readings are higher than earlier in the year as inflation for goods has picked up, reflecting the effects of tariffs. In contrast, disinflation app ...