Nothing tariffs are starting to push up prices, Powell said the Fed is already “looking through” goods inflation by not raising rates. That “could be pushback to those who might want lower rates now," economist Michael Feroli of JP Morgan Chase wrote to clients.

The Federal Reserve's interest-rate decision is due at 2 p.m. ET and will be followed by Chair Jerome Powell's news conference at 2:30 p.m. You can watch it live here. Policymakers are expected to hold their short-term interest-rate target steady in the range of 4.