Jerome H. Powell stressed in his first meeting since the president returned to the White House that policy decisions would be “based solely on careful, objective and nonpolitical analysis.”

Economists and some business executives have warned that prices will likely head higher as Trump’s widespread tariffs take effect, though the timing and impact of those duties are now in doubt

In a post on Truth Social Thursday night, Trump railed against the U.S. Court of International Trade’s ruling the previous day, which found that the president had exceeded his legal authority by imposing sweeping tariffs on dozens of countries, based on vague claims of “national emergencies.”

The Federal Reserve has put interest rate cuts on hold until it has more clarity about President Trump’s policies.