The remarks came a day after Powell voiced alarm about Trump’s tariff policy, saying it would likely hike inflation and slow economic growth. Powell indicated that the Fed may approach interest rates with restraint as policymakers observe the economic effects of Trump's tariffs.

In March, the Fed voted to hold its benchmark interest rate steady while noting the issues over trade policy. Other Fed officials in recent days have expressed support for staying in a holding pattern until policy issues become clearer, though markets are pricing in four or five cuts this year.