Federal Reserve Chair Jerome Powell said Tuesday that the central bank will remain patient and monitor economic conditions before deciding on any interest rate cuts — a position that contrasts with President Donald Trump’s calls for immediate reductions.
“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 told the House Financial Services Committee.
While some Republican lawmakers urged the Fed to lower rates as early as its next meeting in late July, Powell faced no harsh criticism during the hearing. The overall tone remained respectful, with members of both parties commending Powell for upholding the Fed’s dual mandate of price stability and maximum employment.
Powell has frequently pointed to bipartisan congressional support as a key source of independence in the face of Trump’s public pressure on the central bank.
