Fed chair's ominous warning sends Wall Street into meltdown as tariff carnage hammers retirement savings
US stocks took another historic tumble Wednesday after Federal Reserve Chair Jerome Powell warned that President Donald Trump's tariffs are 'highly likely' to cause more inflation. 'The level of the tariff increases announced so far is significantly larger than anticipated,' Powell said at an event in Chicago. 'The same is likely to be true of the economic effects, which will include higher inflation and slower growth. 'Tariffs are highly likely to generate at least a temporary rise in inflation.
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