President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

Jerome H. Powell, chair of the Federal Reserve, says the central bank’s “obligation” is to ensure that a “one-time increase in the price level does not become an ongoing inflation problem.”

Fed's Powell said the economy is in "good place," and officials must keep inflation controlled. His remarks suggest the possibility of fewer rate cuts