Jerome Powell said...

increases in tariffs this year are likely to push up prices and weigh on economic activity

The things that are sold at retail now might have been put into inventory before the tariffs, so we think we should see ...

'Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs.'

What's tended to happen is when there's turmoil in the Middle East, you may see a spike in energy prices.