Federal Reserve Chairman Jerome Powell says the Fed is wrestling with whether to cut rates as President Trump has demanded
NEW YORK - Federal Reserve Chairman Jerome Powell on Tuesday said the U.S. central bank is “insulated from short-term political pressures,” as policymakers wrestle with whether to cut rates as President Donald Trump has demanded.
Powell’s remarks come as the central bank, which paused rate hikes this year and has suggested it could cut them in the face of concerns including the White House’s conflicts with trading partners, faces increasing anger from Trump. At its latest meeting last Wednesday the central bank’s policy-setting Federal Open Market Committee signaled rate cuts beginning as early as July and said it is ready to battle growing global and domestic economic risks as it took stock of rising trade tensions and growing concerns about weak inflation. Investors have long been anticipating rate cuts this year even as Fed policymakers had suggested such a move would have been premature.
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