The Fed held interest rates steady despite pressure from Trump

The Fed held interest rates steady this week, resisting political pressure and signaling a wait-and-see approach as economic growth slows and inflation lingers. While Fed Chair Jerome Powell described the economy as “solid,” cracks are showing—consumer spending is down, credit delinquencies are rising, and internal Fed disagreements are surfacing. Meanwhile, former President Trump’s push for drastic rate cuts—and his not-so-subtle attempts to sway Powell—are stirring concerns about central bank independence at a time when trust and stability are paramount.

Catherine Baab

Quartz

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