“If you look at total core inflation, it’s about 3 percent. And some big chunk of that, between a half and three quarters, is actually tariffs,” Powell said at a Wednesday press conference.
— FactPost (@factpostnews) March 18, 2026
Powell also blamed Trump’s war on Iran, which has caused oil and gas prices to rise to their highest national levels in years.
Powell blamed these policies while announcing the Federal Reserve would leave interest rates unchanged. “The forecast is that we will be making progress on inflation, not as much as we had hoped, but some progress on inflation,” he said.
The Trump campaign can’t blame growing inflation on former President Biden forever, and the issue will persist long after Powell leaves. It’s clear that their president’s policies are responsible for the frustrated cries of millions of Americans who were already struggling financially. Powell’s admission only further cements Trump’s apathy towards the affordability issues.
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