💨 Abstract

Federal Reserve Chair Jerome Powell stated that the Fed will wait to see how the economy evolves before deciding on interest rate cuts, contradicting President Trump's calls for immediate reductions. Powell faces tough questioning in Congress as Trump continues to pressure the Fed. The Fed's committee is divided on future rate cuts, with some suggesting a cut as early as July. Inflation has cooled despite Trump's tariffs, with the consumer price index rising only 0.1% from April to May.

Courtesy: WTOP Staff