Federal Reserve Chair Jerome Powell warned Wednesday that President Trump's new tariffs will likely make it harder for the central bank to bring prices down.

While Powell did not mention the president by name, he told reporters Tuesday that the Fed is bracing for import taxes to impede its fight against inflation.

“I do think with the arrival of the tariff inflation, further progress may be delayed,” Powell said.

He pointed out that a new Fed economic forecast released Wednesday “doesn't really show further downward progress on inflation this year, and that's really due to the tariffs coming in.”

Powell's comments came after the Federal Open Market Committee (FOMC), the Fed panel responsible for setting interest rates, declined to

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