As panic over President Donald Trump’s massive “Liberation Day” tariffs swept across global financial markets, traders started upping their bets that U.S. central bankers might soon cut interest rates.

Tariffs set to take effect this week risk stoking even higher inflation and slower growth than expected, complicating the central bank’s decisions on monetary policy.

Traders and economists see increased chances of cuts ahead but Federal Reserve Chair Jerome Powell said central bankers will wait to see the effects of new tariffs.