Tariffs have surprising effect on unemployment and inflation patterns, Fed analysis reveals

A new analysis from the Federal Reserve Bank of San Francisco examined the impact of tariffs on the economy based on historical examples, finding that the effect of import taxes on inflation and unemployment vary over time.The San Francisco Fed on Monday published an economic letter by senior policy advisor Oscar Jorda and Vice President Fernanda Nechio, both of the San Francisco Fed's Economic Research Department, that used data from four decades of international trade to measure the economic shifts caused by tariffs."Tariffs can affect supply chains, investment, and firms' output costs, resu