- President Trump has sharply criticized Fed Chairman Jerome Powell for refusing to cut interest rates, urging Congress to press Powell on his decision as he testifies this week, while arguing that other central banks have already eased policy and that lower rates would benefit the U.S. economy. Despite political pressure and criticism from some economists, Powell and the FOMC have maintained their stance, citing the need for more data to ensure that lowering rates would not jeopardize their dual mandate of maximum employment and stable inflation.
In the midst of brokering a ceasefire in the Middle East, President Trump has still found time to lambaste Jerome Powell for refusing to cut the base rate.
