President Donald Trump wants interest rate cuts. Federal Reserve Chair Jerome Powell says that cannot happen yet. Those two competing visions were set for a collision course Tuesday as Powell provides regularly scheduled testimony to the Republican-controlled House Financial Services Committee.

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.

The cautious tones from Powell could further antagonize President Donald Trump, who has ramped up his long-standing criticism of Powell.