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.

Fed Chair Jerome Powell said tariff concerns delayed interest rate cuts, stating the central bank would have likely reduced rates this year if not for potential consumer price hikes.

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