Powell Stands Firm Amid Trump's Rate Cut Pressure

Federal Reserve Chair Jerome Powell announced on Tuesday that the bank will adopt a 'wait and see' approach regarding interest rate adjustments, standing firm against President Donald Trump's demand for immediate cuts. Powell's comments were made in prepared remarks for the House Financial Services Committee.

With Trump's consistent pressure for lower rates, Powell faces challenging sessions in Congress. Previous appearances have seen him receive a generally positive reception, despite the President's public attacks, including a recent social media post criticizing Powell's policy decisions.

The Fed recently maintained its current rate, while future strategies remain divided. Predictions range from no cuts to possible reductions in the immediate months, depending on economic performances, such as the impact of tariffs introduced by Trump, which have raised fears of inflation.

(With inputs from agencies.)