Americans could soon see higher costs from tariffs, Fed's Hammack says
Americans could soon see higher costs from tariffs, Fed's Hammack says
Prices could tick higher in 2025 as businesses pass tariff costs onto consumers, Cleveland Fed’s Beth Hammack tells CBS News.
Read the full article on CBS US
Truth Analysis
Analysis Summary:
The article is mostly accurate, reflecting concerns from the Federal Reserve about potential inflationary pressures from tariffs. The article presents a slightly negative outlook on tariffs, which introduces a moderate level of bias. The core claim about Hammack's statement is supported by multiple sources.
Detailed Analysis:
- Claim: Prices could tick higher in 2025 as businesses pass tariff costs onto consumers, according to Cleveland Fed's Beth Hammack.
- Verification Source #1: Reuters reports that Fed officials expect tariffs to boost prices.
- Verification Source #4: CNBC quotes Fed's Hammack calling for patience in assessing the impact of tariffs.
- Verification Source #5: WSJ mentions Hammack's view that tariffs could lead to higher import prices and businesses using it as an excuse to raise prices.
- Assessment: Supported. Multiple sources confirm the Fed's concern about tariffs leading to higher prices and specifically mention Hammack's views on the matter.
Supporting Evidence/Contradictions:
- Source 1: Fed officials expect tariffs to boost prices
- Source 5: tariffs could use higher import prices as an excuse for raising their own