Federal Reserve Chairman Jerome Powell on Wednesday pushed back on political pressure from the White House, telling reporters that President Trump “doesn’t affect our doing our job at all” and that “I’ve never asked for a meeting with any president, and I never will.”
The central bank chair and his colleagues also made it clear with their words and actions on Wednesday that they are not yet aligned with Trump’s calls for lower rates ahead of any economic slowdown.
Fed policymakers on Wednesday voted unanimously to maintain the Fed’s benchmark interest rate in the range of 4.25% to 4.5%, a mark reached at the end of 2024 after cutting rates by a full percentage point last fall.
Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments
The Fed, Powell said, does not “need to be in a hurry” as it evaluates how Trump’s tariffs will affect employment and inflation and whether talks with America’s largest trading partners change the economic outlook.
“I don’t think we can say which way this will shake out,” he told reporters during a press conference that followed the Fed’s rate decision.
Nevertheless, Powell made it clear he is concerned about the effect Trump’s tariffs could have: “My gut tells me that uncertainty for the path of the economy is extremely elevated.”
Wednesday’s decision to hold rates steady came after Trump’s public campaign in recent weeks to urge the Fed and Powell to cut rates as his administration rolls out a series of aggressive tariffs on goods imported from major trading partners.
In doing so, the president also lobbed a series of insults at Powell, calling him a “total stiff” and a “major loser” while accusing him of being late to act.
“There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” the president posted on his social media website, Truth Social, on April 21, saying that “‘Preemptive Cuts’ in Interest Rates are being called for by many.”
He also said that Powell’s “termination can’t come fast enough” before later clarifying that he had no intention of removing Powell before his term is up in May 2026.
Read more: How much control does the president have over the Fed and interest rates?
Powell was asked about his reaction to Trump saying that he would keep Powell in place, and he replied that he had nothing more to say. Powell has previously said he intends to serve out his term and that his removal is not permitted by law.