Federal Reserve Board Chairman Jerome Powell announced the Fed will not change interest rates at this time.

The board “remains squarely focused” on the goals of “maximum employment and stable prices,” he said at the opening of his press conference.

“The economy is strong overall and has made significant progress toward our goals over the past two years,” he said. “Labor market conditions are solid and inflation has moved closer to our 2% longer run goal.”

He said there’s been a “moderation of consumer spending” in recent months and cited median projections that GDP will rise 1.7%, this year, less than projected in December.

In response to a question about tariffs and projected increases in inflation, Powell said “it is going to be very difficult to have a precise assessment of how much inflation is coming from tariffs and how much from other (factors).”

However, he added a “good part of it” is from tariffs.