The Federal Reserve is holding interest rates steady as it navigates uncertainty kicked up by a president who keeps pressuring the central bank to lower them.

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.

New language in the Fed's policy statement said the committee "judges that the risks of higher unemployment and higher inflation have risen."