Federal Reserve maintains rates and expects only two cuts this year despite pressure from Trump

We aren't commenting on tariffs. Our job is keeping inflation under control, and when policies have short- and medium-term, meaningful, implications, then inflation becomes our job.— Jerome Powell, Chair of the Federal Reserve, during his testimony before Congress.

We should be basing policy based on the data.

— Christopher Waller, in an interview where he emphasized the need to respond to economic data and not just temporary price increases from tariffs.

The refusal by the Fed to cut rates is monetary malpractice.

— Vice President JD Vance echoed President Trump's urging for the Federal Reserve to ease monetary policy in a social media post.

I'm going to say no.— Jerome Powell, Chair of the Federal Reserve, during an appearance at the Economic Club of Chicago when asked if there was a 'Fed put' in the stock market.

While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent.

— Jerome Powell, Federal Reserve Chair, commented on the potential impacts of tariffs on inflation.