Janet Yellen: “I will discuss with my colleagues what is appropriate. I do not have a definitive answer for you.”

The Fed does not have a 'good handle on how the tariffs are going to affect either spending in the labor market or inflation.'

I am optimistic, because I believe that the big inflationary impulse that we saw in 2022 largely was global.

I definitely expect that we’re going to see them impact pricing.

I would expect inflation, on a year-over-year basis of this year, to shoot up to at least 3%, or slightly over, because of the tariffs.