Powell was asked if he believes the Federal Reserve would have lowered interest rates if Trump hadn't announced his "Liberation Day" tariffs in April.

"We don't need a communist in this country, but if we have one, I'm going to be watching over him very carefully," President Donald Trump said.

Monday was the last day the organization was an independent agency, as it is now being absorbed into the State Department.

Although Trump has expressed sympathy for industries hard hit by federal raids targeting illegal immigrant laborers, ICE operations have continued.

Gov. Gavin Newsom (D-CA) said earlier this year that all state workers would be forced to return to the office at least four days a week, starting July 1.