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.

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,

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.