Fed Chair Jerome Powell effectively told President Trump on Tuesday that he's his own worst enemy in his crusade for rate cuts. He was speaking specifically about the tariffs Trump has announced and implemented, blaming them for the lack of rate-cut activity.

Federal Reserve Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.

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