Federal Reserve Chair Jerome Powell said the central bank is taking a more cautious approach to the effects of President Trump’s tariff increases than it did in 2019 because recent increases in tariff rates are much larger and because the economy is coming off a period of much higher inflation.

Federal Reserve Chair Jerome Powell had plenty of opportunities Tuesday to tell lawmakers definitively the central bank will cut interest rates soon. He didn’t take any of them.

A majority of my committee has said that they do expect to cut rates between now and the end of the year,” Federal Reserve Chair Jerome Powell said.