Powell Highlights Tariff Risks to Fed’s Dual Mandate

‘We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension,’ Federal Reserve Chairman Jerome Powell said.

Federal Reserve Chairman Jerome Powell speaks with Raghuram Rajan, professor of finance at the University of Chicago's Booth School, during an Economic Club of Chicago event in Chicago on April 16, 2025. Vincent Alban/Getty Images

The United States is undergoing profound policy changes that place the Federal Reserve in uncharted territory, Federal Reserve Chairman Jerome Powell said.

Powell spoke at the Economic Club of Chicago on April 16, telling the audience that the Trump administration is engaging in “very fundamental policy changes.”