According to the most recent Gallup poll, Trump's job approval rating was averaging 46% since he took office in this second term. His first term overall average was a 41% approval rating. At any given time during both terms thus far, his lowest to highest approval ratings have ranged between 34%-49%.

Prices are now projected to rise faster than expected at least in part and perhaps largely due to Trump's plans to levy duties on imports from U.S. trading partners, Fed Chair Powell said.