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Home»Economic News»Jay Powell acknowledges ‘uncertainty’ as central bank juggles growth and inflation risks
Economic News

Jay Powell acknowledges ‘uncertainty’ as central bank juggles growth and inflation risks

March 19, 2025No Comments2 Mins Read
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The Federal Reserve has revised down its growth forecast for the US and raised its inflation projection, citing concerns over the impact of President Trump’s tariffs and significant cuts to government agencies on the economy.

According to the latest projections from the Fed, GDP is now expected to grow by 1.7% this year, while inflation is projected to rise by 2.7%. The central bank decided to keep its main interest rate unchanged following a two-day meeting on Wednesday.

Fed chair Jay Powell addressed reporters after the meeting, attributing the changes in the forecast to the effects of Trump’s tariffs on trade partners and other countries. Powell emphasized that the Fed does not feel pressured to adjust rates quickly due to the high level of uncertainty in the current economic environment.

Powell also mentioned that progress on inflation may be delayed for the time being. Additionally, the Fed announced a reduction in the pace of its quantitative tightening program, decreasing the monthly amount of US Treasury debt rolling off its balance sheet from $25bn to $5bn starting in April.

Following the Fed’s decision, US stocks saw gains, with the S&P 500 rising over 1% and the Nasdaq Composite surging nearly 2%. US government bonds also rallied, causing the yield on the benchmark 10-year Treasury to drop by 0.04 percentage points to 4.25%.

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