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But according to Fed Chair Jerome Powell: “Overworked maybe, not overstaffed. Everybody at the Fed works really hard.”

“This is the kind of thing that if you do see it sustained at higher levels—and definitely if it keeps increasing—that’s the kind of worrying inflation for the Fed.”

“References to inflation and prices in general continue to rank high. Most notably, comments on the current administration and its policies dominated the responses.”

Chinese data indicates that the nominal value of exports to the U.S. has grown, even as U.S. data shows imports from China falling. This discrepancy increases questions around the impacts of the recently enacted 10% tariff.

Tariffs on the U.S.’s closest neighbors are due to kick in next week. So-called ‘reciprocal tariffs’ may hit every nation in April.

“The concern with higher inflation expectations is that it can be self-fulfilling—what people and businesses expect to happen, often does.”