Fed Chair Jerome Powell said tariff concerns delayed interest rate cuts, stating the central bank would have likely reduced rates this year if not for potential consumer price hikes.

Fed Chair Jerome Powell effectively told President Trump on Tuesday that he's his own worst enemy in his crusade for rate cuts. He was speaking specifically about the tariffs Trump has announced and implemented, blaming them for the lack of rate-cut activity.

Federal Reserve Chair Jerome Powell said Tuesday the Trump administration's tariffs led the Fed to put a planned interest rate cut on hold. CBS News MoneyWatch correspondent Kelly O'Grady reports.