Mitch McConnell’s tariffs, Jerome Powell’s inflation stance, Trudeau

This week is a whirlwind of economic and political events that keep the market on its toes. From tariff concerns Senator Mitch McConnell (r-ky.) to Fed Chairman Jerome PowellA firm stance on inflation is full of major developments this week. Let’s dig into this week’s top stories.

Mitch McConnell criticizes Trump’s tariff plan

Senator Mitch McConnell expressed concerns about President Donald Trump’s tariff policy, warning of a potential trade war and subsequent price inflation for U.S. consumers and businesses. McConnell’s attention was expressed in a column published in Louisville’s Courier-Journal. Trump is known for his support for tariffs, and has recently enforced extensive import duties in Canada, Mexico and China, as well as additional tariffs on steel and aluminum imports.

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Powell to Congress: Inflation is not yet

Fed Chairman Jerome Powell reiterated his firm stance on the central bank’s monetary policy path, showing that while inflation is adjusting, its cooling is not enough to justify lowering tax rates. Powell hints that further progress is needed to reach the Fed’s 2% inflation target.

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Justin Trudeau slams U.S. tariffs

Canadian Prime Minister Justin Trudeau stressed the adverse effects of U.S. steel and aluminum tariffs and warned of a strong reaction when needed. Trudeau criticized the recent tariffs calling them “unacceptable” and said: “Canadians will stand strong and firm if they need to.”

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Inflation rose more than January expectations

Price pressure soared more than the first month of the year, driven by an increase in energy commodities and basic services, which suppressed investors’ expectations for reduced investor declines. The title consumer price index rose to 3% year-on-year in data released on Wednesday.

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Trump-Pudin calls Spark Spark oil to sell

High-stakes call between President Donald Trump and Russian President Vladimir Putin to dispatch shockwaves through markets to delay oil prices and U.S. defense stocks as investors surprise Trump announces an upcoming peace Negotiation reaction to end the war in Ukraine.

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This story was generated using Benzinga Neuro and is produced by Ananya Gairola