Federal Reserve Chairman Jerome Powell told US lawmakers he is in no hurry to cut interest rates — just hours after President Trump ripped the central bank chief as “dumb” and “hardheaded” over his hawkish stance on inflation.

Powell said during his testimony on Tuesday that policymakers would cut rates in September at the earliest — after the Fed gets a clearer picture over whether Trump’s tariffs have pushed inflation to uncomfortably high levels.

“If it turns out that inflation pressures do remain contained, we will get to a place where we cut rates sooner rather than later, but I wouldn’t want to point to a particular meeting,” Powell told the House Financial Services Committee on Tuesday.

Trump’s tariffs are expected to push prices higher in the months ahead despite recent inflation numbers that have come in lower than analyst forecasts, Powell said.

“We do expect [inflation] to move [up] in the summer and if we see it not happening, we will learn from that,” Powell said.

Another key factor that will inform the Fed’s decision on whether to slash interest rates is the unemployment figures, which remain at historic lows.

“If we were to see the labor market meaningfully weaken in a way that was concerning, that would matter for that decision,” he said. “I don’t think we need to be in any rush because the economy is still strong, the labor market is strong.”

Powell’s risk-averse stance has riled his fiercest critics — chief among them Trump, who took to Truth Social early on Tuesday morning to blast the central bank chief as “dumb,” “hardheaded” and a “Total and Complete Moron!”

Trump claimed the Fed’s inaction was costing the US hundreds of billions in unnecessary interest payments and urged Congress to challenge Powell’s leadership.

But lawmakers on Tuesday declined to press Trump’s case as aggressively as the president had wished.

Fed Vice Chair for Supervision Michelle Bowman told a gathering in Prague on Monday that she supported a rate cut in July, citing delayed and muted inflation from tariffs and growing concerns about the labor market.

She said she would advocate for a reduction “as early as our next meeting” if inflation remains subdued.

She echoed sentiments expressed on Friday by Fed Governor Christopher Waller, who said tariff-driven inflation is minor and the Fed should “move now, don’t wait” if labor risks grow.

When asked about the remarks by Bowman and Waller, Powell took a neutral stance — saying that he could not predict whether inflation will remain mild.

“Many paths are possible here,” the Fed chair said, adding: “We’re going to be learning. We will get an inflation number for June. We’ll learn something. Then we’ll get it for July.”

Powell said policymakers were “perfectly open to the idea that the pass through” of tariffs into retail prices “will be less than we think. And if so, that’ll matter for our policy.”

Following stronger-than-expected growth last year, Powell said the economy showed signs of moderation in the first quarter due to “swings in net exports” as businesses rushed to import goods ahead of looming tariffs.

“This unusual swing has complicated GDP measurement,” Powell explained.

“Incoming data suggest that the economy remains solid. Following growth of 2.5% last year, gross domestic product (GDP) was reported to have edged down in the first quarter.”

Powell noted that “respondents to surveys of consumers, businesses, and professional forecasters point to tariffs as the driving factor” behind price increases. Still, he maintained that “beyond the next year or so, most measures of longer-term expectations remain consistent with our 2% inflation goal.”

Richmond Fed President Tom Barkin struck a more cautious tone, warning that inflation is still above target and saying, “The data doesn’t compel us to act quickly.”