Federal Reserve Chair Jerome Powell made clear this week that he’s not ready to give in to demands by President Donald Trump to immediately cut U.S. interest rates. So what would convince him?

The Fed chair told lawmakers that the central bank could afford to be patient amid uncertainty about how President Trump’s policies would affect the economy, even as divisions between officials emerged.

The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell says, a stance directly at odds with President Donald Trump’s calls for immediate cuts.