treasuryandrisk.com

Error

An error occurred while fetching the data.

Error details: Error: INTERNAL_ERROR for 77a4c0a2-4e27-2fbf-a1fd-e8a993162ce5: {"response":{"errors":[{"message":"INTERNAL_ERROR for 77a4c0a2-4e27-2fbf-a1fd-e8a993162ce5","locations":[{"line":93,"column":7}],"path":["articlePackages"],"extensions":{"classification":"INTERNAL_ERROR"}}],"data":{"articleData":{"uri":"/2025/02/05/fed-officials-are-worried-about-prospective-tariffs/","canonicalUrl":"https://www.treasuryandrisk.com/2025/02/05/fed-officials-are-worried-about-prospective-tariffs/","generatedId":"","naturalId":"00000194-d861-d544-ab97-fcf58c620000","recombeeId":"00000194-d861-d544-ab97-fcf58c620000","type":"ARTICLE","postFormat":"","kickerPresentedBy":{"label":"","value":""},"breadcrumb":[],"presentedBy":"","title":"Fed Officials Are Worried About Prospective Tariffs","readtime":"3","timeToRead":"3 minute","prettyModified":"March 03, 2025 at 11:50 AM","prettyDateTime":"February 05, 2025 at 06:21 PM","needToKnow":[],"byline":"Catarina Saraiva and Mark Niquette","nofollow":true,"showDisclaimer":false,"authors":[{"name":"Catarina Saraiva","description":"","imageLarge":"","webUrl":"/author/profile/catarina-saraiva/"},{"name":"Mark Niquette","description":"","imageLarge":"","webUrl":"/author/profile/mark-niquette/"}],"publication":"Treasury and Risk","kicker":"News","kickerNode":[{"name":"News","slug":"news-kicker","uri":"/news/","sectionName":"News"}],"prettyDate":"February 05, 2025","pubDate":"2025-02-05 18:21:34.000","modifiedDate":"2025-03-03T11:50:00.522499-05:00","isDownload":"false","primaryCategory":{"channelName":"","sectionName":"","name":"","uri":"","slug":"","channelUri":""},"tags":["licensed-from-bloomberg"],"image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/63/29/6d7b7b74426da01e1cdfed53913c/422505612.jpg","width":"5088","height":"3392","alt":"63/29/6d7b7b74426da01e1cdfed53913c/422505612.jpg"},"embed1":"","embed2":"","summary":"Federal Reserve Bank of Chicago President Austan Goolsbee warns that lessons from the pandemic suggest tariffs might become inflationary by creating supply-side disruptions.","categories":[{"name":"News","uri":"/news/","channelName":"Kicker"}],"allCategories":[{"sectionName":"News","channelName":"Kicker"}],"bodyArray":["<figure id=\"feature\" align=\"aligncenter\" width=\"767\"><img class=\"size-full bsp-feature\" src=\"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/63/29/6d7b7b74426da01e1cdfed53913c/422505612.jpg\" />Austan Goolsbee</figure>"," Federal Reserve Bank of Chicago President Austan Goolsbee said persistent, outsize tariffs could renew supply-chain disruptions and drive up inflation.","Goolsbee, in prepared remarks he’s scheduled to deliver at a Chicago Fed auto conference in Detroit, warned against assuming tariffs won’t become inflationary. He laid out several lessons from the pandemic, among them that supply-side disruptions, including to supply chains, were the most important drivers of inflation and led to an overheating in the economy during and after the Covid-19 shock.","<div class=\"paywall-content\">“If we see inflation rising or progress stalling in 2025, the Fed will be in the difficult position of trying to figure out if the inflation is coming from overheating or if it’s coming from tariffs,” Goolsbee said. “That distinction will be critical for deciding when, or even if, the Fed should act.”","Goolsbee had been among the most dovish members—or least worried by inflation—on the Fed’s rate-setting committee for much of last year. Now that labor markets have stabilized, he has focused increasingly on the potential repercussions of tariffs.","This week, the Trump administration implemented a <a href=\"https://www.treasuryandrisk.com/2025/02/02/trump-enacts-tariffs-on-canada-mexico-and-china/\" target=\"_blank\" link-data=\"{\"cms.site.owner\":{\"_ref\":\"0000018e-8611-dbad-a9af-fe79f4ec0000\",\"_type\":\"ae3387cc-b875-31b7-b82d-63fd8d758c20\"},\"cms.content.publishDate\":1738797499889,\"cms.content.publishUser\":{\"_ref\":\"00000192-e888-d10a-a7d3-ecbc6c360000\",\"_type\":\"6aa69ae1-35be-30dc-87e9-410da9e1cdcc\"},\"cms.content.updateDate\":1738797499889,\"cms.content.updateUser\":{\"_ref\":\"00000192-e888-d10a-a7d3-ecbc6c360000\",\"_type\":\"6aa69ae1-35be-30dc-87e9-410da9e1cdcc\"},\"link\":{\"attributes\":[],\"target\":\"NEW\",\"url\":\"https://www.treasuryandrisk.com/2025/02/02/trump-enacts-tariffs-on-canada-mexico-and-china/\",\"_id\":\"00000194-d868-d95b-a5d4-da7f2f9e0000\",\"_type\":\"33ac701a-72c1-316a-a3a5-13918cf384df\"},\"theme.bundle-default.:link:LinkEnhancement.hbs._template\":null,\"theme.bundle-default.:link:LinkEnhancement.hbs._preset\":null,\"_id\":\"00000194-d868-d95b-a5d4-da7f2f9e0001\",\"_type\":\"02ec1f82-5e56-3b8c-af6e-6fc7c8772266\"}\">10 percent tariff on all goods from China</a>, and China has retaliated with levies on some U.S. products. Tariffs of 25 percent on goods from <a href=\"https://www.treasuryandrisk.com/2025/02/03/trump-delays-mexico-tariffs-by-a-month/\" target=\"_blank\" link-data=\"{\"cms.site.owner\":{\"_ref\":\"0000018e-8611-dbad-a9af-fe79f4ec0000\",\"_type\":\"ae3387cc-b875-31b7-b82d-63fd8d758c20\"},\"cms.content.publishDate\":1738797523858,\"cms.content.publishUser\":{\"_ref\":\"00000192-e888-d10a-a7d3-ecbc6c360000\",\"_type\":\"6aa69ae1-35be-30dc-87e9-410da9e1cdcc\"},\"cms.content.updateDate\":1738797523858,\"cms.content.updateUser\":{\"_ref\":\"00000192-e888-d10a-a7d3-ecbc6c360000\",\"_type\":\"6aa69ae1-35be-30dc-87e9-410da9e1cdcc\"},\"link\":{\"attributes\":[],\"target\":\"NEW\",\"url\":\"https://www.treasuryandrisk.com/2025/02/03/trump-delays-mexico-tariffs-by-a-month/\",\"_id\":\"00000194-d868-d953-a5d6-fdef961d0000\",\"_type\":\"33ac701a-72c1-316a-a3a5-13918cf384df\"},\"theme.bundle-default.:link:LinkEnhancement.hbs._template\":null,\"theme.bundle-default.:link:LinkEnhancement.hbs._preset\":null,\"_id\":\"00000194-d868-d953-a5d6-fdef961d0001\",\"_type\":\"02ec1f82-5e56-3b8c-af6e-6fc7c8772266\"}\">Mexico</a> and <a href=\"https://www.treasuryandrisk.com/2025/02/03/trudeau-says-tariffs-on-canada-also-delayed-30-days/\" target=\"_blank\" link-data=\"{\"cms.site.owner\":{\"_ref\":\"0000018e-8611-dbad-a9af-fe79f4ec0000\",\"_type\":\"ae3387cc-b875-31b7-b82d-63fd8d758c20\"},\"cms.content.publishDate\":1738797536584,\"cms.content.publishUser\":{\"_ref\":\"00000192-e888-d10a-a7d3-ecbc6c360000\",\"_type\":\"6aa69ae1-35be-30dc-87e9-410da9e1cdcc\"},\"cms.content.updateDate\":1738797536584,\"cms.content.updateUser\":{\"_ref\":\"00000192-e888-d10a-a7d3-ecbc6c360000\",\"_type\":\"6aa69ae1-35be-30dc-87e9-410da9e1cdcc\"},\"link\":{\"attributes\":[],\"target\":\"NEW\",\"url\":\"https://www.treasuryandrisk.com/2025/02/03/trudeau-says-tariffs-on-canada-also-delayed-30-days/\",\"_id\":\"00000194-d868-d544-ab97-fcfdc85b0000\",\"_type\":\"33ac701a-72c1-316a-a3a5-13918cf384df\"},\"theme.bundle-default.:link:LinkEnhancement.hbs._template\":null,\"theme.bundle-default.:link:LinkEnhancement.hbs._preset\":null,\"_id\":\"00000194-d868-d544-ab97-fcfdc85b0001\",\"_type\":\"02ec1f82-5e56-3b8c-af6e-6fc7c8772266\"}\">Canada</a>, announced earlier this week, have been postponed for a month. Several Fed officials have said they’re waiting to see the impact of the levies on the economy to determine whether they need to adjust policy.","Goolsbee said tariffs this time could apply to more countries or goods and could be longer-lasting. “We saw in Covid times that the more complex the supply chain, the longer it took to manage,” Goolsbee said. “The shocks might have started as transitory, but quickly they became traaaaansitory, at best,” he said in the text.","<figure id=\"figure_00000194-d864-d953-a5d6-fde7fdcd0000\" align=\"alignnone\"><img id=\"00000194-d864-d953-a5d6-fde7fdcd0000\" class=\"alignnone\" src=\"//k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/b3/ab/7ba51e4746e9a933cb9c3ad86901/020525-bloomberg-2.png\"/><figcaption/></figure>","He also noted that tariffs from President Donald Trump’s first term may have driven some companies to shift production out of China when it was easy to do so. What remains there, he said, may be production of goods that are harder to substitute for, potentially amplifying any inflationary impact.","“Supply-side disruptions can have a material impact on aggregate inflation,” he said. “They aren’t always just minor disturbances that average out at the macro level. It is dangerous to just ignore them.”","Goolsbee said earlier this week that he supports lowering interest rates at a slower pace right now, given the risks of inflation heating up again. Policymakers kept interest rates on hold at their meeting January 28 and 29 after cutting them three consecutive times, by a total of one percentage point, in the closing months of 2024. Most have said it’s appropriate now to move at a slower pace, given uncertainties in the economy and inflation that remains above their 2 percent goal.","————————————————————Copyright 2025 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</div>"],"slides":[],"video":""},"articlePackages":null,"youmightlike":[{"uri":"/2025/07/10/fed-minutes-highlight-split-over-tariffs-impact-on-inflation/","title":"Fed Minutes Highlight Split over Tariffs’ Impact on Inflation","byline":"Amara Omeokwe","prettyDate":"July 10, 2025","readtime":"4","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/d0/69/75538eda469eb626442e648ae188/fed-resize-jpeg.jpeg","width":"620","height":"372"},"summary":"Ten of 19 officials expect to enact at least two interest rate cuts by year-end, but seven policymakers plan on no cuts at all in 2025."},{"uri":"/2025/07/10/ntt-closes-record-bond-deal/","title":"NTT Closes Record Bond Deal","byline":"Finbarr Flynn and Caleb Mutua","prettyDate":"July 10, 2025","readtime":"3","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/81/51/db0461da4a8199edf0ffadd2fb03/071025-bloomberg-ntt.jpg","width":"1200","height":"800"},"summary":"The Japanese telecom’s $17.7 billion in dollar and euro bonds marks the biggest-ever offering of foreign bonds by an Asian corporate."},{"uri":"/2025/07/09/us-immigration-policy-may-hit-economy-hard/","title":"U.S. Immigration Policy May Hit Economy Hard","byline":"Catarina Saraiva","prettyDate":"July 09, 2025","readtime":"2","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/58/76/5fccfb7d43edb6e1addd1c48fd91/070925-bloomberg-immigrant.jpg","width":"1200","height":"800"},"summary":"Newly released Fed study projects that the Trump administration’s approach to immigration and deportation will reduce U.S. GDP growth by nearly 1 percentage point this year."},{"uri":"/2025/07/07/tariff-deadline-moved-to-august-1/","title":"Tariff Deadline Moved to August 1","byline":"Brendan Murray","prettyDate":"July 07, 2025","readtime":"4","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/fc/2b/a7ad96ef45ba9fce5ab89af01deb/070725-bloomberg-trump.jpg","width":"1200","height":"800"},"summary":"Since April, the Trump administration has warned that its “Liberation Day” tariffs would take effect this Wednesday for countries failing to secure a trade agreement, but now officials are signaling trading partners will have until August 1."},{"uri":"/2025/07/07/junk-loan-market-hits-stumbling-block/","title":"Junk Loan Market Hits Stumbling Block","byline":"Claire Ruckin, Abhinav Ramnarayan and Rachel Graf","prettyDate":"July 07, 2025","readtime":"4","image":{"uri":"","width":"","height":""},"summary":"After a pre-summer frenzy in junk loans, the market has started to overheat, prompting investors to get a bit more picky about deals."},{"uri":"/2025/07/03/powell-reiterates-fed-would-have-already-cut-rates-this-year-if-not-for-tariffs/","title":"Powell Reiterates Fed Would Have Already Cut Rates This Year, If Not for Tariffs","byline":"Amara Omeokwe","prettyDate":"July 03, 2025","readtime":"4","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/412/2019/07/Powell_Jerome_Glasses_BB_MI800.jpg","width":"800","height":"451"},"summary":""}],"readnext":{"contents":[{"uri":"/2025/07/10/ntt-closes-record-bond-deal/","title":"NTT Closes Record Bond Deal","byline":"Finbarr Flynn and Caleb Mutua","summary":"The Japanese telecom’s $17.7 billion in dollar and euro bonds marks the biggest-ever offering of foreign bonds by an Asian corporate.","prettyDate":"July 10, 2025","kicker":"News","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/81/51/db0461da4a8199edf0ffadd2fb03/071025-bloomberg-ntt.jpg","width":"1200","height":"800"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"allCategories":[{"channelName":"Corporate Finance","sectionName":"Corporate Borrowing & Debt","slug":"corporate-borrowing-debt","channelUri":"corporate-finance"},{"channelName":"Kicker","sectionName":"News","slug":"news-kicker","channelUri":""}]},{"uri":"/2025/07/10/corporate-optimism-hits-lowest-level-since-2023/","title":"Corporate Optimism Hits Lowest Level Since 2023","byline":"T&R Staff","summary":"Global business leaders expect their operating margins, capex, and long-term borrowing to shrink this quarter.","prettyDate":"July 10, 2025","kicker":"Analysis","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/411/2024/05/2013-10-22-Global.jpg","width":"1180","height":"889"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"allCategories":[{"channelName":"Kicker","sectionName":"Analysis","slug":"analysis","channelUri":""}]},{"uri":"/2025/07/03/powell-reiterates-fed-would-have-already-cut-rates-this-year-if-not-for-tariffs/","title":"Powell Reiterates Fed Would Have Already Cut Rates This Year, If Not for Tariffs","byline":"Amara Omeokwe","summary":"","prettyDate":"July 03, 2025","kicker":"News","image":{"uri":"https://images.treasuryandrisk.com/contrib/content/uploads/sites/412/2019/07/Powell_Jerome_Glasses_BB_MI800.jpg","width":"800","height":"451"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"allCategories":[{"channelName":"Financial Risk","sectionName":"Interest Rates","slug":"interest-rates","channelUri":"financial-risk"},{"channelName":"Kicker","sectionName":"News","slug":"news-kicker","channelUri":""}]},{"uri":"/2025/07/09/us-immigration-policy-may-hit-economy-hard/","title":"U.S. Immigration Policy May Hit Economy Hard","byline":"Catarina Saraiva","summary":"Newly released Fed study projects that the Trump administration’s approach to immigration and deportation will reduce U.S. GDP growth by nearly 1 percentage point this year.","prettyDate":"July 09, 2025","kicker":"News","image":{"uri":"https://k2-prod-alm.s3.us-east-1.amazonaws.com/brightspot/58/76/5fccfb7d43edb6e1addd1c48fd91/070925-bloomberg-immigrant.jpg","width":"1200","height":"800"},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"allCategories":[{"channelName":"Global Markets","sectionName":"Economy","slug":"economy-global-markets","channelUri":"global-markets"},{"channelName":"Kicker","sectionName":"News","slug":"news-kicker","channelUri":""}]},{"uri":"/2025/07/07/junk-loan-market-hits-stumbling-block/","title":"Junk Loan Market Hits Stumbling Block","byline":"Claire Ruckin, Abhinav Ramnarayan and Rachel Graf","summary":"After a pre-summer frenzy in junk loans, the market has started to overheat, prompting investors to get a bit more picky about deals.","prettyDate":"July 07, 2025","kicker":"News","image":{"uri":"","width":"","height":""},"breadcrumb":[],"primaryCategory":{"name":"","uri":"","channelName":"","channelUri":""},"allCategories":[{"channelName":"Kicker","sectionName":"News","slug":"news-kicker","channelUri":""}]}]}},"extensions":{"DateTime":"2025-07-13T02:18:46.820581967","ResponseTime":"?","AuthorizedUser":false,"AlmContext":"AlmContext{clientIP='10.0.253.253', internalIP='true', origin='', authorizedUser='false', Chinchilla, userAccount='null', UCID=null, ipAccount='null', olyEncId='null'}","NavServiceResponse":{"message":"No Content","action":"show-404","data":"","placResultsPublic":null},"DebuggingData":null,"UsedCache":"true","DataUrl":"http://ml2.alm.com:9216/bff-services/content/get-you-may-like-for-content.xqy?naturalId=/2025/02/05/fed-officials-are-worried-about-prospective-tariffs/&site=www.treasuryandrisk.com&total="},"status":200,"headers":{}},"request":{"query":"\n####\n####\n# QUERY\n# ROUTE:/2025/02/05/fed-officials-are-worried-about-prospective-tariffs/\n####\n\n\nquery TreasuryandRisk__view_article_no_sitedir{articleData:\n getContent(naturalId: \"/2025/02/05/fed-officials-are-worried-about-prospective-tariffs/\", site:\"treasuryandrisk.com\") {\n uri\n canonicalUrl\n generatedId\n naturalId\n recombeeId\n type\n postFormat\n kickerPresentedBy {\n \t\t label\n \t\t value\n \t\t}\n breadcrumb{\n name\n \t\turi\n }\n presentedBy\n title\n readtime\n timeToRead\n prettyModified\n prettyDateTime\n needToKnow\n byline\n nofollow\n showDisclaimer\n authors {\n name\n description\n imageLarge\n webUrl\n }\n publication\n kicker\n kickerNode {\n name\n slug\n uri\n sectionName\n }\n prettyDate\n prettyDateTime\n pubDate\n modifiedDate\n isDownload\n primaryCategory {\n channelName\n sectionName\n name\n uri\n slug\n channelUri\n }\n tags\n image {\n uri\n width\n height\n alt\n }\n embed1\n embed2\n summary\n categories {\n name\n uri\n channelName\n }\n allCategories {\n sectionName\n channelName\n } \n bodyArray\n slides {\n title\n image\n caption\n height\n width\n }\n video\n\n }\n articlePackages:\n getPackagesForArticle(docId: \"/2025/02/05/fed-officials-are-worried-about-prospective-tariffs/\", limit: 3, publication:\"treasuryandrisk.com\") {\n title \n slug\n type \n summary\n cssFile\n navigations {\n name\n link\n }\n articles {\n title\n kicker\n uri\n image {\n uri\n }\n }\n\n \n }\n youmightlike:\n getYouMayLikeForContent(naturalId: \"/2025/02/05/fed-officials-are-worried-about-prospective-tariffs/\", site:\"treasuryandrisk.com\") {\n uri\n title\n byline\n prettyDate\n readtime\n image {\n uri\n width\n height\n }\n summary\n }\n readnext:\n getStatsList(site:\"treasuryandrisk.com\", topic: \"\", limit: 5, timeframe: \"3days\" ) {\n contents {\n uri\n title\n byline\n summary\n prettyDate\n kicker\n image {\n uri\n width\n height\n }\n breadcrumb{\n name\n \t\turi\n }\n primaryCategory {\n name\n uri\n channelName\n channelUri\n }\n allCategories{\n channelName\n sectionName\n slug\n channelUri\n }\n breadcrumb {\n name\n uri\n }\n }\n\n }\n }"}}

Go Home

Instant Insights /

Error