WATCH LIVE: Fed Chair Powell testifies before House committee as he warns interest rate cut can wait
Summary
The Federal Reserve, led by Chair Jerome Powell, is waiting to gather more information about the economy before deciding on any changes to interest rates. This approach differs from President Trump's request for immediate rate cuts.Key Facts
- The Federal Reserve is currently maintaining its existing interest rate.
- Jerome Powell, the Fed Chair, stated that they are observing the economy before making rate changes.
- President Trump wants the Federal Reserve to cut interest rates right away.
- Powell shared his prepared statements with the House Financial Services Committee.
- The Fed Chair is set to answer questions from Congress over two days.
- Powell has received some support from Congress despite criticisms from the President.
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