President Donald Trump has pushed for the Federal Reserve to lower interest rates by “a full point” in order to juice the economy as inflation hovers close to its target level. But Fed Chair Jerome Powell and his central bank colleagues want to gauge the economic fallout from tariffs before making any moves.

The Federal Reserve is tasked with creating a monetary policy that encourages price stability and maximizes employment. As a result, it attempts to keep inflation at around 2% a year because that has been identified as a level that allows consumers and businesses alike to make plans.