Jerome Powell: “While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects…”

In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.

We may approach that point in coming months

I would agree that climate is the biggest risk.

So we didn't overreact — in fact, we didn't react at all. We're simply taking some time.