Federal Reserve chair Jerome Powell warns of stagflation.
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00:00Federal Reserve Chair Jerome Powell is back in President Trump's sights.
00:04On Thursday, the president posted to Truth Social that Powell's termination cannot come fast enough.
00:09Trump, who has criticized Powell for not cutting interest rates quicker, wrote Jerome Powell of the Fed, who is always too late and wrong, yesterday issued a report which was another untypical complete mess.
00:21On Wednesday, at an event for the Economic Club of Chicago, Powell said that the Trump administration has executed, quote, very fundamental policy changes.
00:28And the newly enacted tariffs are significantly larger than anticipated.
00:33We may find ourselves in the challenging scenario in which our dual mandate goals are in tension, Powell said.
00:39Powell said the administration's changes have put the central bank into uncharted waters, placing the risk of stagflation back on the table.
00:46Stagflation occurs when high inflation, slow economic growth, and high unemployment occur simultaneously.
00:51Powell was first appointed Fed Chair by Trump in 2018 and was later reappointed by President Joe Biden in 2021.
00:57His current term ends in May 2026.
01:00That'll do it for your daily briefing.
01:02From New York City, I'm Kelsey Barbario with The Street.