The U.S. central bank would likely have begun cutting interest rates again if not for the levy plan, the Fed chief said.

Financial market bets rose that the Federal Reserve could start interest-rate cuts as soon as this month after Fed Chair Jerome Powell, asked if July was too soon to consider rate cuts, said he "can't say" but that the decision would depend on the economic data.

The Federal Reserve would likely have lowered interest rates this year if it weren’t for President Donald Trump’s significant policy changes, Chair Jerome Powell said Tuesday.