Federal Reserve governor Michael Barr and New York Fed president John Williams warned Friday that President Trump's tariffs are expected to lead to higher inflation, elevated unemployment, and slower economic growth this year.

Jerome H. Powell, chair of the Federal Reserve, has made clear that pre-emptive interest rate cuts are not appropriate for the moment.

President Trump said the following Thursday during the announcement of the US-UK trade deal when asked about Federal Reserve Chair Jerome Powell: QUESTION: The Federal Reserve Chairman says that you would have to call him for a meeting.