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,

Trump has argued that inflation is down before. While it's steadily ebbed in recent years, prices are still rising faster than the Fed would like.

Federal Reserve Governor Michael Barr said the Trump administration’s trade policies could put the US central bank in a difficult position by generating persistent inflationary pressures and higher unemployment.