The close split at the U.S. Federal Reserve over whether to hedge more against inflation risks or move forward faster with rate cuts came through on Friday in the first public comments from policymakers following a decision this week to hold borrowing costs steady for now.

Officials at the Federal Reserve left interest rates unchanged, as they brace for the effects of President Trump’s policies on trade, taxes and immigration. Fed Chair Jerome Powell said that “uncertainty is unusually elevated.

There are good reasons to think the Federal Reserve would be preparing to cut interest rates this week due to recent improvements on inflation—if not for [the risk that tariffs pose to prices](