Federal Reserve Chair Jerome Powell blamed President Donald Trump's chaotic raft of tariffs for the slow progress of the central bank's fight against inflation on Wednesday.
Powell had little to share with reporters, as the Federal Open Market Committee declined to make any adjustments to interest rates following a two-day meeting in Washington, D.C. While defending the decision, Powell noted the "unusually elevated" uncertainty around the U.S. economy in the early months of Trump's presidency. Powell and the Fed have set a target of 2% inflation in 2025 but recent forecasts from the bank's analysts believe that goal is well out of reach.
