Federal Reserve Keeps Interest Rates Steady

The Federal Reserve announced on Wednesday that it will maintain its current interest rates, keeping them in the range of 4.25% to 4.5%. This decision aligns with what many economists had anticipated.

Interestingly, the central bank had opted not to lower rates during its meeting in June as well. Over the recent months, there has been noticeable pressure from President Trump and several Republican figures pushing for rate cuts this year. Trump has voiced his discontent with Federal Reserve Chairman Jerome Powell, even labeling him with names like “knucklehead” and “too late Powell.”

On another note, House Speaker Mike Johnson expressed to Bloomberg on July 23 that he feels “disenchanted” with Powell, especially given the ongoing public critiques from Trump. Powell’s current term runs until May 2026, and despite the rising pressure, he seems determined to stick it out.

Adding to the conversation, Federal Reserve Governor Christopher Waller indicated on July 17 that the Fed should consider slashing rates soon, stating that “the risks to the economy are weighted toward cutting [rates] sooner rather than later.”