On March 5th, John Williams, the President of the Federal Reserve Bank of New York, stated that he expects tariffs to push up inflation, but emphasized that there is significant uncertainty about how the economy will respond to President Donald Trump’s tariffs. Based on our current knowledge and considering all relevant uncertainties, I have indeed taken into account some of the impacts of tariffs on inflation and prices, as I believe we will see some of these effects later this year, “Williams said at an investment conference in New York on Tuesday.
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