LIVE: Federal Reserve Chair Jerome Powell Holds News Conference On U.S. Fed Policy Decision
The U.S. Federal Reserve lowered interest rates for the first time since December, aiming to support a weakening job market while grappling with rising prices driven by President Donald Trump’s tariffs. The federal funds rate now stands at 4% to 4.25%, the lowest since November 2022. However, Trump criticized the move as insufficient and overdue, pushing for a more significant rate reduction.During a highly anticipated press conference, Fed Chair Jerome Powell noted that job growth has decelerated, with increased risks of higher unemployment. He also acknowledged a recent uptick in inflation. Powell described Trump’s tariffs as likely to cause a temporary price surge but cautioned that persistent inflationary pressures remain a concern. He emphasized the Fed’s commitment to preventing a short-term price increase from evolving into sustained inflation.Separately, Trump attempted to dismiss Fed Governor Lisa Cook last month, alleging mortgage fraud related to her property declarations. Cook denied the accusations and maintained that the president lacks the authority to remove her. A federal judge and an appeals court have upheld Cook’s position, blocking her removal, though the White House has escalated the matter to the Supreme Court.
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