Inflation has fallen sharply and as a result Fed officials have signaled they will cut rates by as much as a half-percentage point this year. Yet it has picked up a bit in the last two months and many of those policymakers, including Powell, still want to make sure that tariffs aren’t going to lift inflation much higher before they make a move.

Sweeping changes are coming to the world’s most powerful central bank, President Donald Trump and his top advisers have said — and they’re already starting to make good on that promise.