Federal Reserve governor: Rise in inflation linked to ‘sharp increase’ in tariffs

A “sharp increase” in tariffs – with more on the way – has exacerbated a rise in inflation and could lead to a longer-term upward trajectory as frontloaded inventories wane and companies begin to pass along higher costs to consumers, Federal Reserve Board Governor Michael Barr said on Thursday, arguing the board should be cautious in its next steps as it weighs new data, and new tariffs. President Trump has imposed a slew of tariffs on countries broadly as well...