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Fortune

Eleanor Pringle

Powell didn’t just refuse to deliver a rate cut—he also hinted a raise might have been on the cards

Jerome Powell United States US Federal Reserve Inflation David Mericle Mark Haefele Fortune Interest Rates UBS

Federal Reserve Chairman Jerome Powell answers questions from reporters following the regular Federal Open Market Committee meetings at the (Credit: Chip Somodevilla - Getty Images)

Fed Chair Jerome Powell held interest rates steady yesterday and signaled a cautious approach to cutting, despite growing dissent within the Fed and market hopes for a September move downward. While acknowledging tariff-driven inflation, Powell emphasized that more data is needed before adjusting policy.

In a move that everyone was expecting, U.S. Federal Reserve Chairman Jerome Powell disappointed Donald Trump again yesterday by refusing to cut the base interest rate.

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