Janet Yellen: “The Fed does not have a 'good handle on how the tariffs are going to affect either spending in the labor market or…”

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.

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

There will be a negotiation over what to do when these tax cuts expire.

The most recent and optimistic estimate I’ve seen suggested that the average household will see on the order of $1,000 reduction in income.