In the least surprising story of yesterday....
...But [
Federal Reserve Chairman andBig Bank Inc. spokesman] Powell on Friday gave a dismal forecast in his most strident comments yet as Trump attempted to draw him into a game of economic chicken.'We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,' Powell said at an event just outside Washington, DC.
'While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.' ...
Trump already mentioned that there could be a short, mild, recession due to the tariff regime.
The Big Banks don't like the possibility of losing very large dollars on loans made to foreign companies and/or foreign governments.
So Powell was told to speak up on behalf of Big Bank, Inc.
Surprised?
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