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US Fed holds interest rates steady, defying Trump pressure
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The US Federal Reserve held interest rates steady Wednesday at its first policy gathering this year, citing robust economic growth, as the central bank resists President Donald Trump's mounting pressure for cuts.
Advertisement AdvertisementAdvertisement AdvertisementBut solid GDP growth, relatively steady unemployment and stubborn inflation have provided reasons to pause cuts, putting officials again at odds with Trump, who has repeatedly urged for lower interest rates.
The Fed is "in no hurry to cut interest rates again," said Navy Federal Credit Union chief economist Heather Long, adding that she saw policymakers "in a stalemate."
For now, Powell said the Fed would let economic data "light the way" on the future path of interest rates.
Looking ahead, all eyes are on how Powell's successor shapes Fed policy.