Fed Chair Jerome Powell warned on Friday that President Donald Trump’s sweeping tariffs would likely push inflation higher, dampening investors’ hopes that the central bank would cut interest rates later this year.

Fed Chair Jerome Powell said Friday he expects President Donald Trump's tariff policy to hike prices and slow economic growth, while noting that key economic indicators "still show a solid economy."

Fed's Powell said the economy is in "good place," and officials must keep inflation controlled. His remarks suggest the possibility of fewer rate cuts