The statement said that the Fed has an independent, nonpartisan role using economic data to set monetary policy.
The Fed added that Powell told Trump that he and other officials “will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis.”
Powell also has been honest about the negative economic effects on Trump’s tariffs, prompting the president to level insults at Powell from his Truth Social account. White House press secretary Karoline Leavitt didn’t dispute the Fed’s statement Thursday, but noted that Trump “did say that the Fed chair is making a mistake by not lowering rates.”
— Aaron Rupar (@atrupar) May 29, 2025
Powell’s statement suggests that Trump challenged the Fed’s authority during their meeting. Did Trump revive his threat to fire Powell? What will the president do if Powell stands his ground on interest rates? With Trump being dealt two major setbacks over his tariffs in the past 24 hours, he might get impatient and angry.
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