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Chair Jerome Powell has said the Fed would likely have cut rates already if not for President Donald Trump’s sweeping tariffs.

The pair spoke to reporters while overseeing restoration work being done at the Fed's headquarters, with the president and the central bank leader almost immediately arguing over its cost.

Policymakers pointed to “considerable uncertainty” about the timing, size and duration of the tariffs’ potential effects on inflation, the minutes showed.

“Then he should resign immediately,” Trump said when asked about the allegations that Powell mischaracterized details about renovations at the Fed’s headquarters.

The Federal Reserve can’t assume its benchmark lending rate won’t return to zero at some point in the future, according to a group of New York Fed researchers.

Federal Reserve Chair Jerome Powell on June 25 said the U.S. central bank is still struggling to determine the impact of tariffs on consumer prices.

The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said June 24.

Federal Reserve officials expect inflation to worsen in the coming months but they still foresee two interest rate cuts by the end of this year, the same as they projected in March.

The Labor Department reported June 12 that its producer price index rose 2.6% in May. Producer prices rose 0.1% from April to May after dropping 0.2% the month before.

The responses to a Federal Reserve Bank of New York survey came as President Donald Trump struck a deal that significantly — though temporarily — lowered tariffs on imports from China.