FED CHAIRMAN POWELL WITHSTANDS POLITICAL PRESSURE

The Fed made its interest rate decision in May after a truly historic month of April. It was the first monetary policy decision by the US central bank after Donald Trump drastically tightened tariff policy on April 2 and later attacked the Fed’s independence. The attacks on the central bank were aimed in particular at its chairman Jerome Powell (“Mr. Too Late”). Powell withstood the pressure to cut interest rates more quickly and left the key interest rate unchanged at 4.25-4.50%.