Federal Reserve chairman Jerome Powell said Thursday that the US central bank will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s officials want to see where it heads next.

Monetary policy could face crosswinds next year if President-elect Donald Trump fulfills his campaign promises to cut taxes, restrain immigration and deploy tariffs. Policy uncertainty may also be contributing to the Fed’s more inertial attitude toward lowering rates right now.