Jerome Powell says inflationary impact of the president’s trade policies needs to be assessed before borrowing costs can be reduced
The chair of the Federal Reserve, Jerome Powell, has blamed Donald Trump’s tariffs for preventing the immediate interest rate cuts the president has demanded.
Trump has repeatedly urged Powell to reduce borrowing costs in the US economy. He posted a hand-scrawled note on his Truth Social platform on Monday, saying: “You have cost the USA a fortune – and continue to do so – you should lower the rate by a lot!”
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Source link : https://www.theguardian.com/us-news/2025/jul/01/federal-reserve-chair-blames-trump-tariffs-for-preventing-interest-rates-cut
Author : Heather Stewart Economics editor
Publish date : 2025-07-01 15:21:00
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