On May 8, Federal Reserve Chairman Powell said at a press conference that the tariffs implemented by US President Trump on April 2 local time "far exceeded expectations." Current tariff levels could slow economic growth and could contribute to higher long-term inflation. "If the announced significant tariff increases continue to be implemented, inflation and unemployment could rise and economic growth could slow down. The impact on inflation may be short-lived, reflected in one-time changes in price levels, but it may also be more permanent." Powell said. Powell said that given the scope and size of the tariffs, the risks of rising inflation and unemployment will definitely increase. If tariffs ultimately remain at current levels, the Fed's progress towards its goals could be delayed until next year.