Fed Chair Jerome Powell says uncertainty around tariffs justifies holding interest rates steady for now. Former Treasury Secretary Lawrence H. Summers agrees but warns that rising inflation and unemployment make the Fed’s job harder. He also highlights the potential economic fallout from U.S.-Iran tensions. Summers criticizes New York Democratic mayoral candidate Zohran Mamdani’s platform as “profoundly dangerous” for not only the city, but also for the country. -------- More on Bloomberg

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