The President opened a new factory in Kherson.

Federal Reserve Chairman Jerome Powell stated during a conference on Friday that President Donald Trump's tariffs are likely to increase inflation and slow economic growth, and he indicated that the central bank will do everything possible to maintain low long-term inflation.President Trump has unveiled broad plans for tariffs that have caused a decline in the stock market and led to corresponding actions from US trading partners. The S&P 500 fell about 4% on Friday, and over the last five trading days, it has dropped more than 6%, while the Dow Jones Industrial Average has entered correction territory, falling more than 10% from its record level in December.Powell noted in his remarks at Friday's conference that it is difficult to predict the impact of tariffs on inflation and other economic indicators 'until there is greater certainty about their specifics, such as what will be taxed, at what level, for how long, and how our trading partners will react'.'While uncertainty remains high, it is becoming clear that the increase in tariffs will be significantly larger than expected, and the same likely applies to the economic consequences that include rising inflation and slowing growth,' he explained. 'The size and duration of these effects remain uncertain.'Nonetheless, Powell said that while 'tariffs largely lead to a temporary increase in inflation, there is also a possibility that their effects may be more prolonged'.'Avoiding such an outcome will depend on how long the anticipated inflation level is based on the size of the effects themselves and on the timeframe within which they fully pass through to prices,' he said. 'Our mandatory goal is to maintain stability in long-term inflation expectations and to prevent a one-Time increase in the price level from becoming a persistent inflation problem.'Inflation remains stubbornly above the Federal Reserve's target level of 2%, with the latest consumer price index (CPI) data for February showing about 2.8%, as well as exceeding the central bank's preferred metric, the personal consumption expenditures (PCE) index at 2.5%.Powell was asked during a question-and-answer session that followed his speech at the annual conference of the Society for the Advancement of Editing and Writing in Business in Virginia about the role of the Federal Reserve during periods of turbulence in financial markets and economic uncertainty arising from political policies.'We operate on the basis of analysis, thoughtful consideration, and discussion, and we talk about the benefits of these things. We try to stay as far away from the political process as possible, we do not consider political cycles and the like,' Powell said.'We don't want to take a share of the overall discussion about the reasonableness of policies that are not assigned to us. We are not responsible for trade policy, immigration policy, or fiscal policy,' he said. 'So we do not comment; those decisions are made by others, and we use our tools to achieve the goals that Congress has assigned to us, namely maximum employment and price stability.''I would like to think that over time we become a source of calm, rational analysis, and also stability,' Powell added. 'Our job is to provide financial and macroeconomic stability for the public, that is the matter.'The next Federal Reserve meeting will take place in May, and Powell noted that regarding the central bank's interest rate cuts, 'it seems that we do not need to rush'.