Federal Reserve chairman Jerome Powell is testifying before the House Financial Services Committee on Tuesday morning after warning that the U.S. is not ready to cut interest rates.
“For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell said in prepared remarks before the House committee. The hearing began at 10 a.m. Tuesday.
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Earlier Tuesday, President Donald Trump criticized Powell for not lowering interest rates.
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“‘Too Late’ Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate. Europe has had 10 cuts, we have had ZERO,” Trump wrote on Truth Social. “No inflation, great economy — We should be at least two to three points lower. Would save the USA 800 Billion Dollars Per Year, plus. What a difference this would make.”
“I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come.”