Federal Reserve Chair Jerome Powell reiterated the Fed's wait-and-see approach to interest rate adjustments, defying President Trump's calls for immediate cuts. Powell cited uncertainty regarding the impact of tariffs on inflation as the primary reason for delaying a decision. While some Fed members favor a July rate cut, others advocate for a more cautious approach. Powell emphasized the Fed's focus on its dual mandate of controlling inflation and maximizing employment, dismissing political pressures as distractions. The Fed's last rate cut was in late 2019, and recent inflation figures have been muted.

Prepared by Christopher Adams and reviewed by editorial team.