Powell says Fed can wait to reduce interest rates as Trump demands cuts

The Federal Reserve volition proceed to hold and spot however the system evolves earlier deciding whether to trim its cardinal involvement rate, Chair Jerome Powell says, a stance straight astatine likelihood with President Donald Trump’s calls for contiguous cuts

WASHINGTON -- The Federal Reserve volition proceed to hold and spot however the system evolves earlier deciding whether to trim its cardinal involvement rate, Chair Jerome Powell said Tuesday, a stance directly astatine odds with President Donald Trump’s calls for contiguous cuts.

“For the clip being, we are good positioned to hold to larn much astir the apt people of the system earlier considering immoderate adjustments to our argumentation stance,” Powell said successful prepared remarks helium volition present aboriginal Tuesday earlier the House Financial Services Committee.

Powell is facing 2 days of what could beryllium pugnacious grilling connected Capitol Hill, arsenic Trump has repeatedly urged the Fed to trim borrowing costs. Powell has often received a affirmative reception earlier House and Senate committees that oversee the Fed, oregon astatine slightest muted criticism. Powell has besides often cited his enactment successful Congress arsenic a bulwark against Trump’s attacks, but that enactment could wane nether the president’s ongoing assaults.

Trump lashed retired again successful the aboriginal hours of Tuesday morning, posting connected his societal media site: “I anticipation Congress truly works this precise dumb, hardheaded person, over. We volition beryllium paying for his incompetence for galore years to come.”

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