According to online reports, Federal Reserve Barr said that the U.S. economy is on a solid foundation, but he warned that tariff-related supply chain interruptions could lead to slowing economic growth and rising inflation. Barr emphasized the importance of small businesses and their role in supply chains and the overall economy. He said trade policies have cast a shadow on the prospects and increased uncertainty. Potential supply chain disruptions are "particularly severe" for small businesses, in part because they have less access to credit. He added that small businesses often provide professional input that is not readily available elsewhere, and business closures can further disrupt supply chains.