U.S. Federal Reserve Chair Jerome Powell kept rates too high and will be out in eight months, President Donald Trump said at a news conference on Tuesday (July 22). “I think he’s done a bad job, but he’s going to be out pretty soon,” he said from a meeting at the White House with Philippine President Ferdinand Marcos Jr. The Fed is widely expected to leave its benchmark interest rate in the 4.25%-4.50% range at a two-day policy meeting next week. Powell and most of his colleagues say that while inflation has cooled, they expect President Donald Trump’s import tariffs to result in higher prices in the coming months and consider that a rate cut now could help to reignite inflation.
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