Powell said the Fed is 'well positioned to wait for greater clarity' from Trump administration
U.S. President said he still plans to impose “reciprocal” tariffs starting on April 2
Inflationary effects of potential tariffs, mass deportations, have reduced rate expectations this year
Fed will continue to "make our decisions based on what’s happening in the economy," he tells House committee
The consumer price index increased 3% in January from a year ago
On Tuesday, the central bank chair said the Fed is 'well positioned' to deal with risks, uncertainties
Overall inflation climbed 0.3% in December from the previous month, driven by a jump in gas prices
The central bank said it is harder to gauge where inflation is headed, in part because of uncertainty around Trump's policies
Pace of rate cuts expected to slow this year given positive economic reports
The consumer price index rose 2.9% from a year earlier, but core inflation eased slightly