If you're waiting for the Federal Reserve to lower borrowing costs, don't hold your breath. Out of the multiple Federal Reserve officials who spoke Friday, none sounded in a big hurry to cut the central bank's benchmark interest rate.

President Donald Trump's unfolding trade policy may curb U.S. productivity and possibly require higher interest rates to contain inflation in a less efficient economy, Federal Reserve governor Lisa Cook said on Friday.

Federal Reserve governor Michael Barr and New York Fed president John Williams warned Friday that President Trump's tariffs are expected to lead to higher inflation, elevated unemployment, and slower economic growth this year.