The Federal Reserve is still expected to cut interest rates this year — but not until the fall — as policymakers weigh the fallout from President Trump’s tariffs on trade partners, according to a survey released Friday.

The Federal Reserve is seen restarting interest-rate cuts in June, traders bet on Tuesday, as government data showed U.S. producer prices were unexpectedly flat last month and weekly jobless claims fell.

The Federal Reserve will likely need a lot more data, and a few more months, to clarify its growth and inflation forecasts and set the path for future rate moves as the impact of tariff and trade uncertainty continues to echo through the world's biggest economy and beyond.