Federal Reserve Chair Jerome Powell, who is testifying before Congress this week, said tariffs are "likely to push up prices."

The Fed can’t decree credit easy or tight, and it can’t because there’s no credit by decree in the first place. Credit is once again produced in the form of market goods and labor. The Fed produces neither, which is yet another comment that the Fed’s ability to influence economic activity is well overstated.

Donald Trump’s ever-changing tariff agenda has caused months of deep uncertainty for global markets and businesses.