Fed Chair Powell says he would've cut rates already if not for Trump's tariffs

Fed Chair Jerome Powell stated that tariffs imposed by President Trump have hindered potential rate cuts, as they have increased inflation forecasts. The Fed is currently in a wait-and-see mode regarding interest rate adjustments, with markets anticipating two cuts this year, though some predict none. Powell emphasized that decisions will depend on economic data, and while he acknowledged the possibility of rate cuts, he did not commit to a timeline. Trump's dissatisfaction with Powell's inaction has led to tensions, including suggestions of firing Powell.