Powell spoke at a volatile time, with stock markets and bond yields both declining in the wake of Trump's whipsaw announcements of steep tariffs.

The U.S. central bank will be in no rush to cut interest rates while it waits for more clarity on how the policies of the new Trump administration affect the economy, Federal Reserve Chair Jerome Powell said at an economic forum in New York City on Friday.

Federal Reserve Chair Jerome Powell made it clear that he is not jumping to adjust interest rates while his archenemy, President Donald Trump, pushes through aggressive economic policies. Speaking Friday at the US Monetary Policy Forum in New York,