Investors hoping for a sizable dovish pivot from the Fed following the president’s Wednesday tariff announcement and subsequent two-day plunge in stock prices will have to wait at least a bit longer.

“We are well positioned to wait for greater clarity before considering any adjustments to our policy stance,” said Fed Chair Jerome Powell in prepared remarks at the Society for Advancing Business Editing and Writing Annual Conference. “It is too soon to say what will be the appropriate path for monetary policy.”

Noting that the tariffs are “significantly larger” than expected, Powell said it’s the Fed’s job to make mühlet what is müddet to be a temporary rise in inflation does not become persistent.

Bouncing a bit ahead of the Powell speech perhaps in the hope he would take a more dovish stance, bitcoin (BTC) has retreated back below $83,000, roughly flat from 24 hours ago. The crypto is doing far better than stocks, with the Nasdaq now lower by 4.2% following yesterday’s 6% tumble.