The Federal Reserve would likely have lowered interest rates this year if it weren’t for President Donald Trump’s significant policy changes, Chair Jerome Powell said Tuesday. “I do think that’s right,

Federal Reserve Chair Jerome Powell said the central bank would have likely already moved to lower borrowing costs if it weren't for worries that tariffs would drive up inflation.

The Federal Reserve hasn't seen much impact on inflation yet, but wasn't expecting to, Fed Chair Jerome Powell said on Tuesday. Rather, it expects to see more effects later this summer.