Even Jerome Powell doesn’t know what’s going on with the economy
By David Goldman
Published on March 19, 2026.
The Federal Reserve Chair, Jerome Powell, has been expressing uncertainty about the economy, particularly regarding oil price shock and tariffs. This uncertainty could make any Fed policy action on energy prices more or less moot. Powell used the word "uncertain" seven times during his press briefing and twice in the Fed’s policy statement. He also expressed uncertainty about his future in his role and future in the job market. Economists are concerned that companies may pause their hiring plans and consumers may rein in spending due to uncertainty. The uncertainty is also affecting other sectors of the economy. Unemployment and interest rates are expected to remain at the same. The Fed's economic projections looked a little slightly higher this time around, but inflation and economic growth remained unchanged.
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