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2h ago

Fed Holds Rates Steady Again as Trump Intensifies Attacks on Powell

Fed officials froze borrowing costs in part due to rising inflation risks from tariffs

U.S. President Donald Trump talks to reporters as workers install a new flag pole on the South Lawn of the White House on June 18, 2025 in Washington, DC.
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Bernie Moreno (R-Ohio) at the White House on April 2. Photo: Andrew Harnik/Getty Images

Overview

  • The Federal Open Market Committee maintained its target for the federal funds rate at 4.25%–4.5% for the fourth straight meeting.
  • Chair Jerome Powell said the Fed’s policy is well positioned to foster a solid economy with price stability and will be guided by incoming economic data.
  • Trump launched a new round of criticism on Truth Social, calling Powell “stupid” and “destructive” and suggesting he might appoint himself to lead the central bank.
  • Senate Republicans have largely defended the Fed’s independence, but Sen. Bernie Moreno accused policymakers of “intellectually dishonest” reasoning in resisting rate cuts.
  • With Powell’s term ending in May 2026, Trump said he will soon announce his successor, with Scott Bessent, Kevin Hassett, Judy Shelton and Kevin Warsh among potential candidates.