Economists say higher import duties could reverse recent cooling trend in consumer prices
Too soon to tell if inflation or unemployment poses the greater risk, says head of Richmond branch
Fed Chair Jerome Powell said the central bank is waiting to see how tariffs will impact the economy
The U.S. central bank is expected to keep its policy rate unchanged Wednesday
Economists say tariffs make it more difficult for the central bank to reduce its benchmark rate
The unemployment rate remained at a low 4.2%
A rush to buy cars and other goods fuelled a 0.7% rise in consumer spending in March
Recession worries grow and Americans pull back on spending
U.S. growth forecast at 1.8% with global GDP at 2.8% for 2025
Economists worry that if the Fed's longstanding independence is questioned, it could disrupt markets and add to economic uncertainty in the U.S.