The Fed chair told lawmakers that the central bank could afford to be patient amid uncertainty about how President Trump’s policies would affect the economy, even as divisions between officials emerged.

Rep. Mike Lawler, R-N.Y., asked if the Fed’s in a position to cut rates in July, to which Powell responded, “If it turns out that inflation pressures do remain contained, then we will get to a place where we cut rates sooner rather than later, but I wouldn’t want to … point to a particular meeting.”

The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell says, a stance directly at odds with President Donald Trump's calls for immediate cuts.

Federal Reserve Chair Jerome Powell said the US central bank is still struggling to determine the impact of tariffs on consumer prices.

Federal Reserve Chair Jerome Powell said the central bank is taking a more cautious approach to the effects of President Trump’s tariff increases than it did in 2019 because recent increases in tariff rates are much larger and because the economy is coming off a period of much higher inflation.