U.S. President Donald Trump renewed his criticism on Thursday of Federal Reserve Chair Jerome Powell, calling him a "fool" and complaining that the Fed is refusing to lower interest rates. Trump has been on a virtual war path against Powell in recent weeks,

Economists have shifted back their forecasts for lower borrowing costs as President Trump’s tariffs raised the risk of higher inflation and slower growth.

Trump's "large increases in tariffs," if "sustained," are "likely to generate a rise in inflation, a slowdown in economic growth and a rise in unemployment," Fed Chair Jerome Powell said at an afternoon press conference.