Federal Reserve Chairman Jerome Powell on Tuesday blamed President Donald Trump’s tariffs for not cutting interest rates, but largely withheld further criticism despite facing heated attacks from the president this week.

Appearing as part of a panel at the European Central Bank forum in Sintra, Portugal, Powell was asked if he believes the Federal Reserve would have lowered interest rates if Trump had not announced his “Liberation Day” tariffs in April. Powell responded in the affirmative.

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“In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” Powell said.

When asked how 2025 would be remembered, the Fed chairman projected neutrality, not directly condemning Trump.

“Clearly, it’s an important year,” he responded. “There’s … a lot going on. You know that with trade, and I think I’m hopeful that we’ll look back on it as a year that we … successfully challenged, some significant economic changes. And you know, our job is to make sure that that is the case.”

The figure of Trump loomed large over the forum, with the president repeatedly attacking Powell over his refusal to cut interest rates.

Trump has been mulling replacing Powell, whom he has described as a “fool,” a “numbskull,” and a “stupid person.” On Monday, the president sent Powell a handwritten letter demanding rate cuts and suggesting the Fed chairman is costing the nation “a fortune.”

When asked about the criticisms, Powell remained stoic.

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“I’m very focused on just doing my job. I mean, there are things that … the things that matter are using our tools to achieve the goals that Congress has given us — maximum employment, price stability, financial stability — and that’s, what we focus on 100%,” he answered, drawing applause.

He also said he wasn’t sure if July would be too soon for an interest rate cut, saying he “really can’t say” and that “it’s going to depend on the data.”