CNBC Daily Open: Stagflation on the Fed's mind

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Taken from CNBC’s Daily Open, our international markets newsletter — Subscribe today

At U.S. Federal Reserve Chair Jerome Powell’s post-meeting press conference, the topic of tariffs — specifically, their impact on prices — was a recurring one.

“Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs because someone has to pay for the tariffs,” Powell said. “And some of it will fall on the end consumer.”

Granted, recent economic data has been upbeat, suggesting the U.S. economy has been able to — and could still — escape from tariffs mostly unscathed.