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

The world’s leading central bankers gather today for a panel discussion in Sintra, Portugal. ECB President Christine Lagarde hosts. Fed Chair Jerome Powell, Bank of England Governor Andrew Bailey, Bank of Japan Governor Kazuo Ueda and Bank of Korea Governor Rhee Chang-yong also take part.

Federal Reserve Chairman Jerome Powell on Tuesday blamed President Donald Trump’s tariffs for not cutting interest rates, but largely withheld further criticism despite facing heated attacks from the president this week.