Federal Reserve Chairman Jerome Powell stated that he predicts President Donald Trump's tax levels will increase inflation and slow down growth, while also indicating that the Fed will not adjust interest rates until there is a clearer view of the ultimate impact of these policies. 

"Our mission is to keep long-term inflation expectations anchored and ensure that a one-time price increase does not become a prolonged inflation issue... We are in a good position to wait for more clarity before considering any adjustments to policy. It is still too early to say what the appropriate direction for monetary policy is."