The US central bank chair said that data will soon show the impact of inflation and rate cut decisions will be based on that.
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The United States Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell has said, a stance directly at odds with President Donald Trump’s calls for immediate cuts.
“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 remarks on Tuesday before the Republican-led US House Committee on Financial Services.
Powell has told members of Congress that the Fed or US central bank isn’t meant to endorse or criticise Trump’s tariff plans, only to deal with the expected impact on inflation.
