FED Chairman Jerome Powell said he expects President Donald Trump's tax levels to increase inflation and slow growth, while also stating that the FED will not adjust interest rates until there is a clearer view of the ultimate impact of these policies.

"Our job is to keep long-term inflation expectations anchored and ensure that one-time price increases do not become a persistent inflation problem... We are in a good position to wait for more clarity before considering any adjustments to policy. It is still too early to say what the appropriate direction for monetary policy is."