This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Today, senior economy reporter Enda Curran looks at what the Federal Reserve chair had to say about tariffs and the economy. Sign up here and follow us at @bpolitics. Email our editors here.

Federal Reserve Chair Jerome Powell pithily summed up how he assesses the economic impact of Washington’s rolling policy shocks, including a full blown trade war.