Simultaneously, the Federal Reserve announced a strategic adjustment to its balance sheet normalization efforts, declaring it would “slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $25 billion to $5 billion.”

This measured approach reflects a deliberate effort to balance economic stability with the ongoing challenge of price pressures. As far as mortgage-backed securities (MBS) are concerned, the committee said it will keep the monthly redemption cap at $35 billion. Federal Reserve Chair Jerome Powell addressed the implications of President Trump’s trade policies during a press briefing, weaving economic insight into the conversation.

“I do think with the arrival of the tariff inflation, further progress may be delayed,” Powell remarked, highlighting the potential hurdles posed by trade tensions. He acknowledged that while the central bank sees the nation approaching price stability, tariffs could disrupt this delicate balance. “We think the right thing to do is to wait here for greater clarity about what the economy is doing,” Powell stated.

All four major equity indices leaped upward in response to Powell’s remarks, while bitcoin ( BTC) soared beyond the $85.7K threshold. This market momentum unfolded even as the Federal Reserve maintained its cautious, wait-and-see stance on interest rates. The broader cryptocurrency market climbed 4.33% against the U.S. dollar, reaching a valuation of $2.8 trillion by 3 p.m. Eastern Time.

Meanwhile, gold held steady at an elevated price of $3,046 per ounce. Adding to the complexity, the Fed Chair noted the challenges of accurately gauging the inflationary impact of tariffs, injecting a note of uncertainty into the economic outlook.

“Let me say that it is going to be very difficult to have a precise assessment of how much inflation is coming from tariffs and from others, and that’s already the case,” Powell said. “You may have seen that [with some] goods inflation moved up pretty significantly in the first two months of the year. Trying to track that back to actual tariff increases, given what was a tariff and what was not, is very, very challenging.”

Powell added:

So, some of it—the answer is clearly some of it, a good part of it—is coming from tariffs, but we’ll be working with other forecasters to try to find the best possible way to separate non-tariff inflation from tariff inflation.

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