US Federal Reserve Chair Jerome Powell told Congress that interest rates will remain unchanged for now, despite political pressure from Donald Trump for immediate cuts. Powell emphasised the need to observe inflation trends and tariff impacts before adjusting policy.
Powell Holds Firm as Trump Demands Steep Rate Cuts
While acknowledging that tariffs may cause temporary price hikes, he warned inflation could still become more persistent. The Fed currently expects two rate cuts by year-end, but no move is likely before September.
Trump, frustrated with Powell’s resistance, called for steeper cuts. Powell reiterated the Fed’s independence, saying the economy remains solid, though uncertainties around tariffs and inflation remain a concern.
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