Federal Reserve Bank of Atlanta President Raphael Bostic noted that tariffs are likely to result in higher prices, forcing the central bank to extend the timing for reaching its inflation target.
Speaking at an event in Atlanta, Georgia, Bostic stressed that inflation is still much higher than the target. Furthermore, he said the economy is "in a big pause" while the outcome of the ongoing uncertainty resulting from trade tensions between the United States and other countries could have a range of different outcomes.
Referring to President Donald Trump's efforts to bring back manufacturing to the US, Bostic said it would "take more than putting up walls," adding it would require engineering.
