- We will be moving away from goals for the balance of the year, perhaps we can resume next year
- Tariffs are higher than we expected even in our upside case
- To the extent it takes longer for tariffs to hit, that risks higher inflation expectations
- Our role is to make sure this is a one-time increase in prices only
- CEOs he spoke with yesterday say uncertainty and imports are 'a huge issue'
- Notes that covid shortages of chips led to disruption of autos and it contributed to inflation
- We are still at full employment
- Tension between goals would be a difficult position for the Fed
- We could well be in that situation and it will be a very difficult judgement
- There isn't a modern experience for how to think about high tariff rates -- these are higher that Smoot-Hawley
- Markets are orderly, functioning as would expect
- We stand ready to supply dollars to global central banks if needed
- Domestic discretionary spending is small and not the issue regarding US government debt
The stock market is selling off on his comments
