Federal Reserve Chair Jerome Powell warned Wednesday that President Trump's aggressive new tariffs could both lower growth and raises prices — a dynamic known as stagflation, which is notoriously difficult for the central bank to control.

In a Wednesday speech in Chicago, Powell said the economy could be “moving away” from the Fed's goal of stable prices and maximum employment, saying there might not be “any progress” on them for the remainder of the year.

“I do think we’ll........

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