President Donald Trump has been raging at Federal Reserve chairman Jerome Powell for weeks, demanding that he cut interest rates. But on Wednesday, the Fed declined —and worse for Trump, Powell delivered a blunt assessment of his tariffs, claiming they are “pushing up prices” and that “n ear-term measures of inflation expectations have moved up.” G iven that this comes right when more of Trump’s tariffs are set to take effect on August 1, and given that Powell is directly defying Trump’s fury,

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