President Donald Trump’s tariffs are his darling, even though they are raising prices on Americans to the surprise of no one. After all, it’s Americans who pay the tariffs, not the companies overseas.

And now the the Chair of the Federal Reserve, Jerome Powell, has admitted publicly that the tariffs are causing the inflation that is hurting to so many Americans.

“It’s really tariffs that are causing the most of the inflation overshoot,” Powell said after the latest Fed meeting, reiterating his expectation the tariff impact on inflation is likely to be a “one-time price increase.”

Watch the full video below: