Federal Reserve Chair Jerome Powell on Friday rebuffed President Trump’s call for the central bank to immediately cut interest rates — warning that that administration’s sweeping new tariffs are likely to push inflation higher and slow economic growth.

Jerome H. Powell, chair of the Federal Reserve, says the central bank’s “obligation” is to ensure that a “one-time increase in the price level does not become an ongoing inflation problem.”

US Fed Chair Jerome Powell says the Trump administration’s expansive new tariffs will likely lead to higher inflation and slower growth.