US Federal Reserve President Jerome Powell on Wednesday extended apprehensions on the impact of high import tariffs announced by US President Donald Trump last month, keeping the benchmark lending rates unchanged.
Powell said in a press briefing after the Federal Open Market Committee meeting that Tariff had the ability to trigger inflation and the ability to trigger stoke unemployment.
“Tariff, if constant, increase in inflation, recession in economic growth and an increase in unemployment,” he said.
Powell-led FOMC has abandoned the unchanged benchmark lending rates in the range of 4.25â4.5%.
(This is a developing story)
