Fed to hold off on interest rate cut despite Trump’s demand for one

The Federal Reserve is holding off on a rate cut, even as President Trump demands one. Fed Chairman Jerome Powell and the president remain at odds over interest rates. The president continues to criticize Powell, calling him “dumb” and incompetent and saying that the Fed’s key interest rate should be 2 or 3 points lower. But the chairman told Congress that the Fed is taking a wait and see approach because most economists still expect tariffs to push inflation higher.