Jerome Powell resists Donald Trump pressure: Fed chair tells House panel ‘we are well positioned to wait’, says more economic clarity needed for rate cut

Federal Reserve Chair Jerome Powell said the central bank will maintain a cautious stance on interest rates and await more data before considering cuts—directly opposing President Donald Trump’s fresh demands for immediate rate reductions. “For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said in prepared testimony to be delivered Tuesday before the House Financial Services Committee, reported AP. Powell’s remarks come as he begins two days of potentially contentious hearings on Capitol Hill, where lawmakers will question him about monetary policy, inflation, and the economy—amid growing political pressure. In a social media post early Tuesday, Trump lashed out at Powell again, writing, “Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO. No inflation, great economy – We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make. If things later change to the negative, increase the Rate. I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!”