Philadelphia Fed President Chuck Harker said Thursday that tariffs or a trade war could lead to inflation, and a declining labor force could also lead to inflation, but since a lot depends on the actual policy details of the Trump administration, the Fed should keep interest rates on hold for now. "If there aren't any big changes in inflation trends in the upcoming data, I think it's appropriate to stay at current levels for a while and let some of the uncertainty sort itself out," Harker said.