Fed Chair Jerome Powell repeated the word “uncertainty” when talking about the central bank’s economic outlook, using it at least 10 times. The Fed slightly lowered its growth projection and raised its forecast for inflation, but investors appeared more convinced the Fed is particularly attuned to concerns about growth.

The U.S. central bank held interest rates steady on Wednesday, and while its policymakers indicated they still expect to reduce borrowing costs by half a percentage point by the end of this year, Federal Reserve Chair Jerome Powell made it clear they would wait for more clarity on Trump administration policies.