US Federal Reserve Chairman Jerome Powell said it’s too early to predict the impact of President-elect Donald Trump’s economic policies on the economy. “We need to take our time, not rush,” Powell stated during a press conference following the latest Federal Open Market Committee meeting.
Powell expressed concerns about the uncertainty surrounding Trump’s proposed tariffs and deportations, citing the complexity of the issue. He warned that any premature conclusions could be misleading due to the lack of clarity on key aspects such as country-specific tariffs and duration.
Economists expect Trump’s policies, including tariffs and deportations, to push inflation higher. However, Powell emphasized the importance of waiting for Trump’s new administration to deliver its proposals before drawing conclusions about their potential impact on the economy.
Source: https://www.reuters.com/markets/us/feds-powell-not-ready-say-what-trump-policies-will-do-economy-2024-12-18