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Fed holds rates steady despite Trump's pressure
The Federal Reserve just voted to keep interest rates at 4.25%-4.5%, even though President Trump wanted them lowered.
The decision comes as the economy faces uncertainty—especially with Trump's new tariffs in play—and now everyone's watching to see if a rate cut might happen in September.
Powell's term ending in May
Inflation is still running hotter than the Fed wants (2.7% rise over the past year), but unemployment remains low at 4.1%.
Two Trump-appointed Fed governors argued for a small rate cut, but Chair Jerome Powell is sticking to his plan for steady policy, saying he's focused on keeping things stable as his term wraps up next May.