Jerome Powell, the chair of the Federal Reserve, this afternoon offered an assessment of the U.S. economy that probably sounded familiar to many Americans who have struggled to make sense of President Trump’s whipsawing approach to tariffs. “In the current situation,” Powell said, “uncertainty is remarkably high.”

His comments came as the Fed announced its decision to leave interest rates unchanged for a second straight meeting. Powell and other Fed officials emphasized that many economic indicators, including the labor market, remained strong. They stuck to their previous forecast for two more rate cuts this year even as they projected higher inflation and slower growth.

Our colleague Colby Smith, who covers the Fed, told us that “the meeting was a pivotal one in terms of the Fed’s willingness to acknowledge how significantly Trump’s economic agenda could impact how it will be able to adjust interest rates going forward.”

Powell, who had so far steered mostly clear of commenting on Trump’s policies, said that “progress may be delayed” in bringing down inflation because of the president’s tariffs, which he said “tend to bring growth down” and “inflation up.”

Many analysts have blamed the uncertainty surrounding tariffs for the stock market’s recent slump (though the S&P 500 rose 1.1 percent today). However, as our colleague Alan Rappeport wrote, the uncertainty may be the point: The president’s unpredictable approach gives him leverage when negotiating with foreign leaders.

In related news, Trump’s decision last night to fire the Democrats on the F.T.C. renewed fears that he might try to target the Fed’s independence. The central bank’s current stance seems destined to stoke Trump’s anger.

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