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The pair spoke to reporters while overseeing restoration work being done at the Fed's headquarters, with the president and the central bank leader almost immediately arguing over its cost.

Policymakers pointed to “considerable uncertainty” about the timing, size and duration of the tariffs’ potential effects on inflation, the minutes showed.

“Then he should resign immediately,” Trump said when asked about the allegations that Powell mischaracterized details about renovations at the Fed’s headquarters.

Federal Reserve Chair Jerome Powell on June 25 said the U.S. central bank is still struggling to determine the impact of tariffs on consumer prices.

The Labor Department reported June 12 that its producer price index rose 2.6% in May. Producer prices rose 0.1% from April to May after dropping 0.2% the month before.

The responses to a Federal Reserve Bank of New York survey came as President Donald Trump struck a deal that significantly — though temporarily — lowered tariffs on imports from China.

A key U.S. inflation gauge slowed last month as President Donald Trump’s tariffs have yet to noticeably push up prices, while American incomes jumped.

Two Federal Reserve officials, including New York Fed chief John Williams, suggested policymakers may not be ready to lower interest rates before September.

Inflation cooled for the third straight month in April even after some U.S. tariffs took effect, though economists and many business owners expect inflation will climb in the coming months.

Median expectations for inflation three years from now rose to 3.2% in April, the highest reading since July 2022. Estimates for year-ahead price growth, however, held steady.