PANews reported on April 9 that according to Jinshi, Fed's Musallem said that US economic growth may "substantially" fall below trend levels, and unemployment will rise this year as businesses and households adjust to prices pushed up by new import tariffs. "I don't have a baseline for a recession, but I think economic growth may be significantly below trend," Musallem said, estimating growth at around 2%. He said that "risks in both directions will become a reality," and higher-than-expected tariffs put pressure on prices, declining confidence and the recent sharp decline in stock markets may curb spending, hit household wealth, and rising prices will have an impact. These factors combined to slow economic growth. Musallem, who has a vote on interest rate policy this year, said the response of monetary policy will depend on how inflation and unemployment evolve in the coming months, whether price shocks persist, and whether inflation expectations are consistent with the Fed's 2% inflation target.