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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.

The Federal Reserve can’t assume its benchmark lending rate won’t return to zero at some point in the future, according to a group of New York Fed researchers.

Federal Reserve officials expect inflation to worsen in the coming months but they still foresee two interest rate cuts by the end of this year, the same as they projected in March.

Federal Reserve officials held interest rates steady for a third straight meeting and emphasized they see a growing risk of both higher inflation and rising unemployment.

President Donald Trump warned the U.S. economy may slow if the Federal Reserve does not move to immediately reduce interest rates, in his latest broadside against Fed Chair Jerome Powell.

The Federal Open Market Committee voted to keep the benchmark federal funds rate in a range of 4.25%-4.5%, and said it would further slow the pace at which it is reducing its balance sheet.

Bank of Canada officials acknowledged that the economic uncertainty created by a potential trade battle supported their decision to cut interest rates last month.

“We know that reducing policy restraint too fast or too much could hinder progress on inflation,” Powell said in prepared testimony for the Senate Banking Committee.