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 and New York Fed president John Williams warned Friday that President Trump’s tariffs are expected to lead to higher inflation, elevated unemployment and slower economic growth this year.

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.