US Edition
Powell: Trump’s Tariffs Held up Rate Cuts
UNITED STATES, JUN 30 – Federal Reserve Chair Jerome Powell said tariffs raised inflation forecasts and delayed interest rate cuts despite pressure from the White House to ease monetary policy.
- On Tuesday, Fed Chair Jerome Powell signaled potential rate cuts later this year, blaming tariffs for the policy freeze and declining to set a specific timeline.
- Prolonged rate hold resulted from tariffs significantly increasing U.S. inflation forecasts, prompting the Fed to delay rate cuts, as Powell explained they held off because of tariff impacts.
- The federal funds rate remains at about 4.3%, with most Fed members expecting cuts this year, as Powell cited tariffs' inflation impact for the policy pause.
- Investors now expect the Fed to proceed meeting by meeting, with Powell stating he ‘wouldn’t take any meeting off the table’ ahead of the July 29-30 gathering.
- Against a backdrop of unprecedented political pressure from President Trump, Powell and most Fed members remain committed to a data-driven stance, emphasizing independence.
149 Articles
149 Articles
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