Inflation had come down substantially from its 2022 peak to around 3% before the war, but this 3% level is still 1 full percentage point above the Fed's 2% target, and Trump's tariffs did not directly raise inflation but prevented the decline to 2% that would have otherwise occurred.
factualpending
Speaker
Ed YardeniEvidence Quote
“inflation had come down substantially from its peak in 2022. Uh but um overall consumer price inflation measures seem to have stalled out coming down and settled around 3% which is full percentage points more than the Fed is targeting. And I think a lot of that had to do with Trump's tariffs.”
Created: 8/12/2026, 6:33:34 PM
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