Powell says Fed rate cut is on hold even as Trump demands cuts

WASHINGTON (AP) — The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said Tuesday, a stance directly at odds with President Donald Trump’s calls for immediate cuts.

“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said in testimony Tuesday before the House Financial Services Committee.