Overview

• The Federal Open Market Committee kept its benchmark rate at 4.25–4.50% for a fifth consecutive meeting, citing slowing growth, a strong labor market and high uncertainty
• Jerome Powell said the Fed will assess two more inflation and employment reports before deciding on possible rate cuts at its September gathering
• President Trump used Truth Social to brand Powell “too late,” “stupid” and “political,” and urged the Fed board to seize control if he refuses to lower rates
• Scott Bessent told CNBC he is compiling a roster of replacement candidates for Fed chair and expects to name nominees by the end of the year
• Powell defended the Fed’s legal independence as essential to serving the public interest amid rising political pressure