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Federal Reserve likely to stand pat on rates this week, deepening the gulf between Powell and Trump

UNITED STATES, JUL 29 – Trump administration begins planning for multiple Federal Reserve chair candidates amid Powell's uncertain departure and ongoing disputes over interest rate policies, with inflation at 2.7% in June.

  • The Federal Reserve is anticipated to maintain its current interest rate level this week despite ongoing economic uncertainty and pressure from President Trump.
  • This decision follows mixed economic data including a 0.5% contraction in Q1 US activity and stronger-than-expected job growth in June.
  • Treasury Secretary Scott Bessent confirmed that the Trump administration plans to nominate a successor to Fed Chair Jerome Powell this fall.
  • Inflation remains above the Fed’s 2% target at 2.7% in June, and Powell’s current rate range stands at 4.25 to 4.5 percent.
  • Stabilizing rates underscores continued division between Powell’s cautious approach and Trump’s calls for faster cuts, suggesting further tension ahead.
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The spokesman-Review broke the news in Spokane, United States on Thursday, July 3, 2025.
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