But 1Federal Reserve Chair Jerome Powell is not at that point yet.

"Today, the 2Federal Open Market Committee decided to leave our policy interest rate 3unchanged."

"Powell is going to 4speak the truth, as he sees it, about the economy. He's not going to be 5bullied by Trump."

Ken Rogoff is an economics and public policy professor at Harvard.

He says he can see why the Fed is holding rates steady despite President Donald Trump's aggressive, 6sweeping tariff announcements that have 7dragged down global trade and 8rattled the stock market.

"The risks of higher unemployment and higher inflation appear to have risen, and we believe that the current 9stance of 10monetary policyleaves us well-11positioned to respond in a timely way to potential economic developments."

Mixed signals that can increase uncertainty with economists and consumers.

"I mean, prices are going to go up. The surveys, the confidence — everything looks like it's more than 50%. It'll be a 12recession."

Many are closely watching the Trump administration for any signs of trade deals, especially with China.

Later this week, Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer will meet with Chinese officials in Switzerland.

"The president always wants the Fed to cut rates. Let's understand this."

President Trump's quest for lower rates has had him 13muse in the past about moving to replace Powell before the Fed chair's term ends next year, a tone he 14softened this week.

"I'm not. You know, I get to change him very quickly anyway. You know, it's 15in a very short period of time.

A "short period of time" that will see many more Federal Reserve meetings and rate decisions.