The Federal Reserve would have cut interest rates by now if President Donald Trump's tariffs weren't so big, central bank chief Jerome Powell said Tuesday

After the widespread uncertainty caused by the tariff policy, Powell said the Fed decided the "prudent thing to do is to wait."

Federal Reserve Chair Jerome Powell told a financial conference in Portugal on Tuesday that he would have lowered interest rates if not for President Trump's tariffs. The White House all-but directly asked the Fed to lower rates yesterday,