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First, I will briefly discuss the outlook for the economy and monetary policy. At the Fed, we are always focused on the dual-mandate goals given to us by Congress: maximum employment and stable prices. The labor market is at or near maximum employment.

The Federal Reserve can stay patient and wait to see how tariffs and other economic policies of the Trump administration play out before making any changes to interest rates, Chair Jerome Powell said Wednesday. “As that great Chicagoan Ferris Bueller once noted, ‘Life moves pretty fast,'" Powell said in a speech to the Economic Club of Chicago. "For the time being, we are well positioned to wait for greater clarity” on the impact of policy changes in areas such as immigration, taxation, regulation, and tariffs, Powell said.

Federal Reserve Bank of Cleveland President Beth Hammack said on Wednesday that high levels of uncertainty in the U.S. economy right now argue for the central bank to hold steady on interest rate policy and take in more information before deciding what needs to happen next. “Given the economy’s starting point, and with both sides of our mandate expected to be under pressure, there is a strong case to hold monetary policy steady in order to balance the risks coming from further elevated inflation and a slowing labor market,” Hammack said in the text of a speech prepared for delivery before a gathering in Columbus, Ohio. Hammack, who does not hold a vote on the monetary policy- setting Federal Open Market Committee this year, said the big changes in the United States trade regime, which prominently features tariff increases, have played a role in boosting uncertainty and making it harder to know what needs to happen with central bank monetary policy.

Federal Reserve Chair Jerome Powell highlighted how planned and enacted policy shifts by the Trump administration have created unusual economic uncertainty.

President Donald Trump’s global trade war will hurt economies around the world this year, including the US, according to a new report by the World Trade Organization.

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