Overview

• The Federal Reserve decided unanimously to keep interest rates unchanged, citing economic uncertainties tied to President Trump's tariffs on imports.
• Jerome Powell, the Fed Chair, stated that monetary policy decisions are based solely on economic data and are unaffected by political pressure.
• President Trump publicly insulted Powell, calling him an 'imbecile' on Truth Social, after the Fed declined to lower rates as he demanded.
• Trump has pushed for rate cuts to mitigate the economic impact of his tariffs, which he claimed are generating revenue and not driving inflation.
• Powell emphasized the Fed's independence and highlighted the unpredictable effects of recent trade measures as a reason for maintaining the current rate policy.