America's top central banker has the same concerns as many other experts about what President Donald Trump's "Liberation Day" tariffs will bring: higher inflation and slower economic growth.

Federal Reserve Chair Jerome Powell said Trump tariffs are likely to raise inflation and slow economic growth.

Federal Reserve Chairman Jerome Powell warned Friday that Trump's strict tariffs will worsen inflation and lower economic growth. As a result, the Fed won't change interest rates for now.

Jerome H. Powell, chair of the Federal Reserve, says the central bank’s “obligation” is to ensure that a “one-time increase in the price level does not become an ongoing inflation problem.”

The outlook for the U.S. economy is still highly uncertain, with “elevated risks of both higher unemployment and higher inflation,” Powell said in prepared remarks at the annual conference for the Society for Advancing Business Editing and Writing in Arlington, Va.

Speaking at a conference on Friday, Federal Reserve Chair Jerome Powell said “it is now becoming clear that the tariff increases will be significantly larger than expected,” and the economic

President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

Federal Reserve Chair Jerome Powell said higher inflation and slower growth are more likely as more details emerge about President Trump's tariffs. CBS News contributor Javier E. David has more.