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Richmond Federal Reserve President Tom Barkin said he did not expect consumers to face the full brunt of the 25% tax the Trump administration has set on imported cars, but added firms will have difficult choices ahead on pricing and profit margins. "My instinct is that the blunt top line number will not be the number that is faced by consumers," Barkin said. For the Fed that could mean spillovers to the job market if firms try to limit price hikes by shedding workers.

"Tariff policy is impossible for us to predict and doesn't have a clear goal. We want more stability."

(Reuters) -Federal Reserve Bank of Boston President Susan Collins said on Thursday that Trump administration tariffs will drive up U.S. inflation but it is unclear how persistent that upward pressure will be. "It looks inevitable that tariffs are going to increase inflation in the near term" and it seems more likely than not right now the jump will be short-lived, she said in an appearance in Boston. But "there are risks" the higher price pressures could prove more enduring, she noted, and the details and reactions of those targeted by the tariffs matter a lot in determining how much prices will be affected.

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The Federal Reserve's current "moderately restrictive" monetary policy is right for an environment with an abnormal amount of uncertainty and fast changes taking place in U.S. government policy, Richmond Fed President Tom Barkin said on Thursday. Barkin, in prepared remarks for an economics lecture at Washington and Lee University, did not directly address the potential fallout from the 25% auto tariffs announced on Wednesday by President Donald Trump. But like other Fed officials of late, Barkin was at least entertaining the idea that the suite of tariffs being rolled out by Trump could lead to higher-than-expected inflation, though the impact of that could also be offset by tax and regulatory policies still to come.

President Donald Trump's latest round of tariffs will likely push up the price of cars and could keep inflation pressures high at least through this year.

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