Federal Reserve Chair Jerome Powell said Wednesday that the current overshooting of the central bank's 2% inflation target is mostly the result of President Donald Trump's import tax hikes. '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.' Basically, he says the impact is likely to be short-lived. Watch.