FILE PHOTO: Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on the ìSemiannual Monetary Policy Report to Congress," at the Rayburn House Office Building in Washington, DC, U.S., July 18, 2018. REUTERS/Mary F. Calvert/File Photo

BOSTON (Reuters) - The array of trade tariffs and counter measures from other countries could raise U.S. inflation but there is so far no indication of that happening, Federal Reserve Chairman Jerome Powell said on Tuesday.

“There’s potential for tariffs to increase prices,” Powell told an economics conference here. “The question is whether it is just a price-level increase or does it stoke actual inflation. We don’t see that in the data.”