Fed Chair Jerome Powell has sketched out new conditions that could trigger rate cuts by summer’s end, but inflation remains a big question.

Federal Reserve chief Jerome Powell on Tuesday said a good case could be made for cutting interest rates soon, but he said the Fed is holding off for now because of an expected increase in inflation from U.

U.S. stocks have recovered nearly all the losses from April’s lows with the S&P 500 and Nasdaq Composite just shy of new records. Federal Reserve Chairman Jerome Powell hints on interest rates as President Trump hurls more insults at the central banker.

The Fed chief has repeatedly declined to say whether he will step down when his four-year term as chair expires in May, or remain on the Fed board.