Fed Chair Powell says tariffs likely to cause inflation to rise, could be persistent
1. Powell warns tariffs may increase inflation and slow growth. 2. S&P 500 dropped 4% on tariff announcement, over 6% in five days. 3. Inflation exceeds Fed's 2% target; CPI at 2.8%, PCE at 2.5%. 4. Tariff impacts remain uncertain; larger than initially expected. 5. Fed remains focused on controlling long-term inflation expectations.