Aug. 22 (UPI) — Federal Reserve Chairman Jerome Powell on Friday did not give a clear indication of the central bank’s plans to possibly cut interest rates amid pressure from President Donald Trump but spoke to the difficult conditions affecting decisionmakers.

Speaking from the annual Economic Policy Symposium in Jackson Hole, Wyoming, Powell said “in the near term, risks to inflation are tilted to the upside, and risks to employment to the downside” referring to two factors the Fed uses to determine if rates should change or stay as is, the latter of which is considered a barrier to inflation.

“In terms of the Fed’s dual-mandate goals, he labor market remains near maximum employment, and inflation, though still somewhat elevated, has come down a great deal from its post-pandemic highs. At the same time, the balance of risks appears to be shifting,” he said.

Mentioning “risks” was the closest Powell came to declaring rate cuts are in the works, which some investors are expecting to be enacted when the Federal Open Market Committee next meets in September.

Powell noted that while the Fed’s dual mandate requires “balance,” but also added that “the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.

“The Fed also announced Friday that the Federal Open Market Committee, or FOMC, which decides interest rates, has approved its latest updated “Statement on Longer-Run Goals and Monetary Policy Strategy,” which explains how it handles monetary policies and uses it to guide policy actions.

In a press release, the committee stated that it’s “prepared to act forcefully to ensure that longer-term inflation expectations remain well anchored.”

“Therefore, the Committee’s policy decisions reflect its longer-run goals, its medium-term outlook, and its assessments of the balance of risks, including risks to the financial system that could impede the attainment of the Committee’s goals,” the committee further stated.