From CNBC: 2024-11-10 13:05:33

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, warned that President-elect Trump’s tariff proposals could lead to long-term inflation if global trade partners retaliate. Trump’s plan includes universal tariffs and a 60% rate on Chinese imports, sparking concerns among economists and industry leaders. The Fed recently passed its second interest rate cut, with Kashkari anticipating another cut in December depending on economic data. Despite calls for political influence on Fed decisions, Kashkari remains confident in the bank’s focus on economic factors.

Read more: Trump tariffs could reheat inflation if countries retaliate