Fed's Kugler says higher than expected tariffs likely to send prices higher ...Middle East

Federal Reserve Governor Kugler on transmission of monetary policy

Tariff increases significantly larger than previously expected

Economic effects of tariffs and uncertainty likely to be larger than anticipated

Supports holding policy rate steady as long as upside risks to inflation continue, while economic activity and employment remain stable

Fed policy well-positioned for macroeconomic changes

If financial markets tighten persistently, could weigh on future growth

Especially monitoring upside risks on inflation, downside risks on employment

Inflation progress has slowed, remains above 2% goal

Labor market solid, broadly in balance

Longer-term inflation expectations largely well-anchored, hopes they remain so

First-quarter GDP may show moderation vs 2024, but some front-loading of purchases to avoid tariffs

Tariffs likely to put upward pressure on prices

Kugler's speech appears to have been prepared before Trump's latest flip flop on policy:

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