There is a great deal of uncertainty out there, making it quite difficult to forecast with confidence,” the Atlanta Fed president wrote in a letter published Tuesday.

Federal Reserve Governor Christopher Waller said on Monday that interest rate cuts remain possible later this year even with the Trump administration's tariffs likely to push up price pressures temporarily.

A short-lived bump in tariff-driven inflation could pass quickly enough to allow interest-rate cuts this year, especially if levies ease, Federal Reserve governor Christopher Waller said. New trade barriers are likely to push up prices in the short term,