Federal Reserve Chair Jerome Powell blamed President Donald Trump's "tariff inflation" for hurting the U.S. economy.
During a Wednesday news conference, Powell was asked when the country would have greater price stability.
"I think a world where people can make their daily economic decisions in businesses and they're not having to think about the possibility of significantly high inflation," he told reporters. "We know inflation will bounce around. That is price stability. You know, I think we were getting closer and closer to that."
"Inflation was running around 2.5% for some time," he continued. "I do think with the arrival of the tariff inflation, further progress may be delayed."
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Powell noted that forecasts showed that inflation would not cool down this year.
"And that's really due to the tariffs coming in," he insisted.
Watch the video below from C-SPAN.