US EditionTakeaways From the Fed’s Latest Decision, Which Got Pushback From Officials Siding with Trump | News Channel 3-12
UNITED STATES, JUL 30 – The Federal Reserve maintained rates at 4.25%-4.5% despite internal dissent and President Trump's pressure, with two governors favoring a cut for the first time since 1993.
- On Wednesday, the Federal Reserve kept its benchmark rate at 4.25% to 4.5% for the fifth straight meeting amid pressure from President Donald Trump.
- Earlier this month, President Donald Trump seized on the Fed’s $2.5 billion headquarters renovation and last week feuded with Fed Chair Jerome Powell over its cost, amid ongoing political pressure.
- The Commerce Department reported GDP grew at a 3% annualized rate in Q2, while real final sales to private domestic purchasers rose 1.2%.
- In a rare split, Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman dissented, preferring a 0.25 percentage point rate cut, the first such dissent in over 30 years.
- According to futures markets, traders now price in a 68% probability of a September rate cut, with most in the Fed’s rate-setting committee expecting cuts fairly soon, said William English.
17 Articles
17 Articles
President Donald Trump attacked Federal Reserve Chief Jerome Powell on Thursday, calling him “stupid” for keeping interest rates unchanged rather than lowering them, after the meeting of the U.S. central bank. “Too late Powell” did it again,” Trump wrote on his Truth Social network, using the derogatory nickname he usually addresses to the Fed’s president. In announcing his decision on Wednesday, the Fed indicated that U.S. growth slowed down in…
Government Interest Costs Not a Factor in Fed Rate Decision, Powell Says
Government financing doesn’t need to play a role in the Federal Reserve’s interest-rate decisions, Fed Chairman Jerome Powell said after the central bank held rates steady for the fifth meeting in a row. President Donald Trump has repeatedly suggested that the Fed instead lower interest rates to make it cheaper for the government to service its debts. But Powell said on July 30 that this wasn’t the concern of the central bank. “We have a mandate…
Trump renews attacks on Powell after Fed decision
US President Donald Trump renewed his attacks on Federal Reserve chief Jerome Powell Thursday, calling him a “total loser” in a vitriolic social media post a day after the central bank kept rates steady again.The Fed has refused to bow to months of White House pressure to lower interest rates, which Trump says are costing the US government billions in unnecessary borrowing costs.The US president wrote on Truth Social that Powell was “TOO ANGRY, …
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