Name: Powell Says Tariff Costs to Consumers ‘Later and Less’ Than Expected | WSJ News
Uploaded: 2025-09-25T22:52:36.000Z
Duration: 1 min 52 s
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Near-term risks to inflation are tilted to the upside and risks to employment are tilted to the downside, a challenging situation.

Two-sided risks mean that there is no risk-free path.

We're now collecting a good bit of revenue.

The federal government is collecting a good chunk of revenue at a $300 or $400 billion a year pace.

And the candidates for paying those tariffs would be the exporter, the foreign exporter, or someone on our shores.

Someone is using the imported product to manufacture something.

And so far, in its incredibly early days, it doesn't look like the overseas exporters are carrying the bulk of it.

And they're not passing along to consumers that much of the cost.

So the actual effects on inflation have been quite modest so far.

And the question is, are companies then, are they going to eventually be able to pass that stuff through?

And then that might drive inflation up a little higher.

So we've been watching this since the beginning.

And I would say that the pass-through to consumers has been later and less than we expected.

How much of that will continue, I don't know.

But the responsible thing from our standpoint was to watch and wait.

Because, you know, it's our job to make sure we don't make a mistake on inflation.

We do see meaningful weakness in the labor market now.

The unemployment rate is still low, though.

And a lot of things suggest that the labor market has reached a kind of unusual stability of much lower demand and much lower supply for workers.

It's a really unusual kind of a balance, if you want to call it that.

But nonetheless, we think it's a downside risk.