Powell said inflation once again fell short of expectations.

“As we consider further cuts, we will look for progress on inflation,” he said.

Inflation uncertainty among Fed officials is greater. Powell said some officials have started including estimates for the economic impact of policies, while others have chosen not to.

“Uncertainty is about a kind of common sense that assumes that when the path is uncertain, you go a little slower,” Powell said. “It’s no different than driving on a foggy night or entering a dark room full of furniture. You just slow down. So that might have affected some people.”

President-elect Donald Trump campaigned on tax cuts and tariffs, policies that could lead to higher prices.