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Tariffs have not pushed up consumer prices.
The consumer price index ticked up just 0.1 percent in June, the Department of Labor said Thursday. Compared with a year ago, prices rose just 1.6 percent, a deceleration of price gains from May’s 1.8 percent. After taking out volatile food and energy prices, inflation ran at 0.3 percent for the month and 2.1 percent for the year, both a tick above economist expectations.
Federal - Reserve - Policy - Committee - Targets
The Federal Reserve’s monetary policy committee says jt targets inflation at the rate of 2 percent. But the index the Fed uses, called the personal consumption expenditure index, runs about a half a point or so below the better-known consumer price index. Which means that inflation is likely running below the Fed’s target.
In other words, even with the tariffs the Trump administration has imposed, consumer prices are rising by less than the Fed thinks is consistent with price stability. Its theoretically possible prices would be rising at an even slower rate than they are if the tariffs were not in place. But that would only mean the Fed would have to work harder to push them back toward the target.
Data - Predictions - Experts - Consumers - Bill
The data defy the dire predictions of experts who forecast consumers would foot the bill for tariffs.
“Trump’s trade war may soon hit consumers’ wallets and paychecks,” NBC News declared in a headline last year.
Tariffs - Prices - Goods - Extent - Prices
“Tariffs will surely lead to higher prices for imported goods and, to a lesser extent, prices for non-imported goods that use imported materials,” the University of Pennsylvania’s business school Wharton reported.
“Tariffs are about to hit consumers, and it won’t be pretty,” CNBC claimed.
Trade - Restrictions - Nature - Result - Price
“Trade restrictions, by their nature, result in price increases for the goods in question. If the price of steel and aluminum goes up, manufacturers will be forced to pass those costs onto American consumers,” wrote Tori K....
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