The absence of a full suite of official economic data has ramped up concern that the Fed won’t get a clear read on how the economy is evolving, increasing the potential for policy mistakes as the Fed’s mandates of price stability and maximum employment are pulling officials in opposite directions.

The Federal Reserve is widely expected to reduce interest rates at this week’s meeting, but that won’t necessarily set the U.S. on a smooth glide path to significantly lower rates.

But he continued to argue that policymakers must guard against the prospect that tariffs could lead to persistent inflation.

“The administration has fought to get Powell to lower rates, and to lower rates more quickly, and to get Powell out of office more quickly. It makes the concerns about the cost of renovation look like a pretense, and that’s not a healthy way to ensure ongoing credibility.”

Ten of 19 officials expect to enact at least two interest rate cuts by year-end, but seven policymakers plan on no cuts at all in 2025.

The muted impact Trump’s tariffs have had on inflation has emboldened the White House and created splits among Fed officials.

Speaking to the House Financial Services Committee, Powell said interest rates will stay put until Fed officials better understand the impact of tariffs on the economy.