Federal Reserve Chair Jerome Powell Stands Firm Against Trump’s Pressure
Powell Holds Steady on Interest Rates
Federal Reserve Chair Jerome Powell has made it clear that the central bank will take a careful approach to interest rates. He wants to see more data before considering any cuts. This position goes against President Donald Trump’s recent calls for immediate rate reductions.
Powell’s Message to Congress
Powell shared his views in a prepared testimony. He will present this to the House Financial Services Committee. He stated, “For now, we are in a good position to wait. We need to learn more about how the economy is likely to perform before we consider any changes to our policy stance.”
Tense Hearings Ahead on Capitol Hill
Powell’s remarks come as he begins two days of potentially tense hearings on Capitol Hill. Lawmakers will question him on several topics:
- Monetary policy
- Inflation
- The economy
All this is happening amid growing political pressure.
Trump’s Continued Criticism
Early on Tuesday, Trump took to social media to criticize Powell again. He wrote, “Too Late’ Jerome Powell, of the Fed, will be in Congress today. He needs to explain why he is refusing to lower the rate. Europe has had 10 cuts, we have had ZERO. No inflation, great economy – We should be at least two to three points lower. This would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate. I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!”
