Fed chair's Jackson Hole speech opens door to potential rate cuts | Fox News

Last Friday in Jackson Hole, Federal Reserve Chairman Jay Powell finally – and grudgingly – admitted what the Trump team has been saying all along: tariffs don’t fuel inflation. 

At most, tariffs create a one-time adjustment in prices, not the kind of runaway spiral that demands punishing rate hikes. 

And even that one-time bump may be negligible if, as we have long argued, foreign exporters – not American consumers – shoulder most or all of the burden.

• The implication is clear: whether the impact is zero or merely a one-time step-up in prices, there is absolutely no justification for the Fed to hide behind "tariff uncertainty" as an excuse for overly restrictive interest-rate policy...