02:27 PM EDT, 05/12/2025 (MT Newswires) -- Fed Governor Adriana Kugler (voter) said that tariffs are "likely to generate significant economic effects" even if they are not raised from their current rates, including higher inflation and slower growth.

Recent comments of note:

(May 9) Fed Governor Lisa Cook (voter) said that tariffs could lower productivity and investment, particularly if there is significant uncertainty, and may lead to higher interest rates if they stimulate inflation.

(May 9) New York Fed President John Williams (voter) said that well-anchored inflation expectations are "the bedrock" of central bank policy and that it is essential to maintain them in times of uncertainty.

(May 9) Fed Governor Michael Barr (voter) said tariffs could create upward pressure on inflation, noting that their size and scope were "without modern precedent." Barr added that he is also concerned about unemployment rising as the economy slows, echoing the Federal Open Market Committee's statement.

(May 7) Fed Chairman Jerome Powell (voter) said that the FOMC can wait to receive more information on how tariffs are impacting the US economy before considering rate reductions. Powell would not say how long that would take, saying that the FOMC is in "wait and see and watch" mode.

(May 7) The May FOMC statement was little changed from the previous meeting's statement, but the alterations indicated a heightened concern about upside inflation and unemployment risks and acknowledgment that swings in net exports affected the Q1 GDP data.