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Fortune
Fortune
Sheryl Estrada

Fed Chair Powell warns of tariff turmoil as big company stocks struggle

US Federal Reserve Jerome Powell Donald Trump Economy Inflation Williams-Sonoma
Jerome Powell (Credit: Getty Images)

Good morning. As tariff uncertainty continues, the U.S. Federal Reserve is growing more concerned. 

“The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth,” U.S. Federal Reserve chair Jerome Powell said on Wednesday during a speech at the Economic Club of Chicago, Fortune’s Paolo Confino reports. 

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