Interest rate cuts remain possible at some point, but uncertainty related to huge changes in U.S. trade policy make it hard to know how the economy will fare for now and how the U.S. central bank's rate policy should be adjusted,

President Donald Trump is ratcheting up pressure on the Federal Reserve to cut interest rates, accusing Fed Chair Jerome H. Powell of “playing politics” and of acting too slowly to respond to changes in the economy.

Federal Reserve officials are prepared to hold their policy rate steady to minimize the risk that President Donald Trump’s tariffs trigger a persistent rise in inflation, even if the labor market softens further.