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National Economic Council Director Kevin Hassett said a study from the Federal Reserve Bank of New York showing U.S. companies bear most of the tariff burden “is an embarrassment.” 

In their post-meeting statement, Fed policymakers on Oct. 29 repeated their assessment that “job gains have slowed” and said “risks to employment rose in recent months.”

Federal Reserve Chair Jerome Powell on June 25 said the U.S. central bank is still struggling to determine the impact of tariffs on consumer prices.

Business expect to pass through roughly half of tariff-related expenses to U.S. consumers still reeling from the pandemic-era inflation surge, according to a new survey.

Federal Reserve officials held interest rates steady for a third straight meeting and emphasized they see a growing risk of both higher inflation and rising unemployment.

New research suggests President Donald Trump’s latest tariffs on imports from China could hit the American economy more than official U.S. trade data indicate.