Fed Chair Jerome Powell warned on Friday that President Donald Trump’s sweeping tariffs would likely push inflation higher, dampening investors’ hopes that the central bank would cut interest rates later this year.

"While tariffs are highly likely to generate at least a temporary rise in inflation, it's also possible the effects will be more persistent," Powell told the audience at the Society for Advancing Business Editing and Writing conference in Washington, D.C.

Federal Reserve Chair Jerome Powell gave his first public remarks since the Trump administration's latest tariffs went into effect. You can watch his remarks, which start