Powell leaves interest rates unchanged despite Trump’s demands

The Federal Reserve left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut.

The Fed’s decision Wednesday leaves its key short-term rate at about 4.3%, where it has stood after the central bank made three cuts last year.

Chair Jerome Powell has said the Fed would likely have cut rates already if not for Trump’s sweeping tariffs. Powell and other Fed officials say they want to see how Trump’s duties on imports will impact inflation and the broader economy.

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