Today, Fed officials warned that Trump’s trade war will likely raise prices on consumers in the coming weeks. In comparison to its March projections, the Fed is forecasting slower growth, higher inflation, and rising unemployment – laying bare that the president’s economic agenda is setting the stage for stagflation.
Groundwork Collaborative’s Executive Director Lindsay Owens reacted with the following statement:
“The latest projections make clear that for working families struggling to get by, relief is nowhere in sight. Whether you’re trying to buy a house, get a job, pay off a credit card, or make summer travel plans, life continues to be tougher and more expensive in President Trump’s economy. Instead of working to lower costs for average Americans, his marquee policies – tariffs and the GOP tax plan moving through Congress – are taking us from bad to worse.”