ANZ analysts note that the Federal Reserve Chair Jerome Powell advised that the Fed is insulated from short-term political pressures and won’t be influenced by pressure from Trump who is pushing for rate cuts to counter the impacts of tariffs increases.
“Powell stated the amount of tariffs currently in place are not large enough to [directly] have an economic impact, but the uncertainty they bring is impacting the confidence of financial and agricultural markets. In the opinions gathered in the latest round of the Beige Book, ‘trade concerns’ were mentioned twice as often as in the previous round.”
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