US Federal Reserve Chairman Jerome Powell, in his press briefing on May 7, 2025, responded to criticism of US President Donald Trump questioning his role as the head of the Fed. Powell said that Trump’s take doesn’t affect his job at all, and he will be doing the same thing he has done using the monetary tools for the US economy.
Powell highlighted how he seeks to foster the maximum employment and price stability for the benefit of the people of the United States using the monetary policy tools available at the Federal Reserve.
“Doesn’t affect doing our job at all. We’re always going to do the same thing, which is we’re going to use our tools to foster maximum employment and price stability for the benefit of the American people,” said Jerome Powell in his press address.
Powell also reiterated that as a Federal Reserve Chairman, he and his team will always consider economic data over any other stance.
“We’re always going to consider only economic data, the outlook, the balance of risks, and that’s all we’re going to consider. So it really doesn’t affect either our job or the way we do it,” he said.
US Fed Policy
The US Federal Reserve decided to keep its key benchmark interest rates unchanged at the range of 4.25% to 4.50% on Wednesday, May 7, 2025, amid economic uncertainty and prevailing risk of inflation caused by the raging trade war.
Powell also reiterated his official stance from the March 2025 policy meeting and said that he does not feel that the US economy is in the “right place” for a rate cut, and he is in no hurry to cut the key benchmark rates.
“We think the right we’re in the right place to wait and see how things evolve. We don’t feel like we need to be in a hurry. We feel like it’s appropriate to be patient. And you know, when things develop. Of course we have a we have a record of we can move quickly when that’s appropriate. But we think right now the appropriate thing to do is to wait and see how things evolve,” said Jerome Powell.
(This is a developing story. Please check back for updates.)
