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.”

US Fed Chair Jerome Powell says the Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth.