President Donald Trump’s sweeping tariffs have clouded the central bank’s economic outlook, leaving it in wait-and-see mode.

The Federal Reserve stuck to a wait-and-see approach as officials brace for President Trump’s tariffs to stoke higher inflation and slower growth. Jerome H. Powell, the Fed chair, said that it’s “not at all clear” what the central bank should do next.

The Trump administration’s tariffs regime has disrupted markets, darkened the outlook for employers and businesses and hammered consumer sentiment.