By Howard Schneider and Ann Saphir WASHINGTON (Reuters) -The Trump administration's tariff plans may well just cause a one-time jump in prices, but the risk it could cause more persistent inflation is large enough for the central bank to be careful in considering further rate cuts,

Some GOP senators criticized Powell, however, for characterizing tariffs as a potential driver of inflation. Sen. Pete Ricketts, a Republican from Nebraska, argued that the duties could simply act as a one-time increase in prices that wouldn’t fuel inflation.

A majority of my committee has said that they do expect to cut rates between now and the end of the year,” Federal Reserve Chair Jerome Powell said.