Powell noted that when Trump applied tariffs during his last administration, the Fed ended up lowering its key rate because the GDP slowed so much. Trump expects the same this time around. However, Powell is not in a hurry.

With markets nervous over Trump's proposals for tariffs and other issues, Powell reiterated statements he and his colleagues have made recently counseling patience on monetary pol

The Federal Reserve is likely to keep its key interest rate unchanged in the coming months as it waits for widespread “uncertainty” stemming from President Donald Trump’s policies to resolve, Chair Jerome Powell said Friday at a conference in New York.