The Fed chair told lawmakers that the central bank could afford to be patient amid uncertainty about how President Trump’s policies would affect the economy, even as divisions between officials emerged.

Tariffs haven’t had the explosive inflationary impacts as predicted, Michelle Bowman says, adding that the labor market is holding steady.

In response, the Fed Chair offered a rare reply to Trump’s verbal assault during a news conference after the FOMC kept rates in the target range between 4.25% and 4.5%.