(NewsNation) — The Fed's first rate cut in nine months came as no surprise Wednesday, but the real insights came in Jerome Powell's press conference afterward.

The Fed chair weighed in on three of the most debated forces in today's economy: immigration, artificial intelligence and President Donald Trump's tariffs.

Powell's message was one of caution. Officials are facing rising inflation on one side and a cooling labor market on the other — two forces pulling policy in opposite directions.

"There’s no risk-free path," Powell said. "It’s quite a difficult situation for policymakers."

Here's what he had to say about Trump's tariffs, the impact of lower immigration and the rise of artificial intelligence.

Trump tariffs are driving up goods inflation

President Trump's sweeping tariffs ha

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