For weeks the U.S. economic picture has been darkening. If Wednesday was an opportunity for Federal Reserve Chair Jerome Powell to raise the alarm, he took a hard pass.
Speaking to reporters following a two-day meeting of policymakers, Powell downplayed mounting growth concerns and the price hits that could be on the way from U.S. President Donald Trump¡¯s aggressive trade war. He even revived a once-abandoned term to say the inflationary impact of tariffs is likely to be transitory.
¡°As I¡¯ve mentioned, it can be the case that it¡¯s appropriate sometimes to look through inflation if it¡¯s going to go away quickly without action by us, if it¡¯s transitory,¡± Powell said.
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