Powell hints at possible rate cut
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Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.
Trump ratcheted up his pressure campaign this week, calling on Fed Governor Lisa Cook to resign after a Trump administration official alleged that she had committed mortgage fraud. Cook rebuked the push for her to quit, saying she has “no intention of being bullied to step down from my position because of some questions raised in a tweet.”
The job market is on such shaky ground that the Federal Reserve may soon need to cut interest rates to support the economy, Fed Chair Jerome Powell said Friday at a key central banking forum.
Federal Reserve Chair Jerome Powell warned that the tariffs unleashed by U.S. President Donald Trump are pushing consumer prices higher and would continue to do so over the coming months.