00:00The heads of the U.S. Federal Reserve and the Organization for Economic Cooperation and Development say the world economy is still growing, but the full impact of U.S. tariffs may still be on the horizon.
00:13So we've been we've been watching this since the beginning. Half our mandate is inflation. And I would say that that the pass through to consumers has been later and less than we expected. How much of that will continue? I don't know.
00:26The OECD now expects global economic growth to slow to 3.2 percent this year, down slightly from 3.3 percent in 2024, as the full effects of U.S. tariffs are still unfolding.
00:39Companies stockpiled goods ahead of the Trump administration's tariffs, which now stand at estimated average rate of 19.5 percent, the highest since 1933.
00:49The full effects of these tariffs will become clearer as firms run down the inventories that build up in response to tariff announcements and as the higher tariff rights continue to be implemented.
01:04The OECD's 2026 forecast remains at 2.9 percent, but that figure may change.
01:10The OECD's 2026 forecast figure may change.
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