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The Guardian - US
The Guardian - US
Business
Callum Jones in New York

Federal Reserve chair defends holding interest rates after fresh Trump attacks

Jerome Powell US Federal Reserve Donald Trump United States Inflation
a man in a suit speaks into a microphone
Jerome Powell speaks in Washington DC on 18 June 2025. Photograph: Anadolu/Getty Images

The Federal Reserve is well placed to wait and see how tariffs affect US prices before cutting interest rates, its chair, Jerome Powell, insisted, defying renewed demands from Donald Trump.

The US president has disregarded the central bank’s longstanding independence to repeatedly call for rate cuts to spur economic growth and launch a series of personal attacks on Powell.

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