Overview

• The Federal Reserve left its benchmark rate at 4.25%–4.50% for a fifth consecutive meeting, citing elevated economic uncertainty tied to new tariffs.
• Governors Michelle Bowman and Christopher Waller dissented, marking the first dual opposition in over 30 years by calling for a 25-basis-point cut.
• President Trump stepped up public pressure with a surprise visit to Fed headquarters, demanding immediate rate cuts.
• Treasury Secretary Scott Bessent announced plans for a comprehensive audit of the Fed, a move aimed at exposing institutional weaknesses.
• A 1930s Supreme Court ruling likely prevents the president from removing Chair Jerome Powell before his term ends in May 2026.