Tariffs
The Tariff Paradox: SF Fed Study Reveals Tariffs Initially Suppress, Then Ignite Inflation, Posing New Dilemmas for the Federal Reserve
San Francisco, CA – November 24, 2025 – A groundbreaking series of studies from the Federal Reserve Bank of San Francisco (FRBSF) has unveiled a counterintuitive and complex relationship between tariffs and inflation, challenging long-held economic assumptions. The research indicates that while tariffs can initially lead to a decrease in inflation, primarily