(Reuters) -Chicago Federal Reserve Bank President Austan Goolsbee on Thursday said he believes that if big tariffs could be avoided, either through trade deals or otherwise, the U.S. central bank could likely cut interest rates given the underlying strength of the economy and the direction of inflation.

Officials at the Federal Reserve have adopted a wait-and-see approach to policy moves amid extreme uncertainty about the economic outlook.

Trump argues that there is “no inflation” and so Powell should cut rates, though such a move might not necessarily reduce the borrowing costs consumers face.