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The Federal Reserve leaves rates unchanged between 4.25% and 4.50%. The US president calls him ‘always late’ and accuses him of ‘hating me’

The Federal Reserve has decided to keep interest rates stable in the range between 4.25% and 4.50%. This came as no surprise to President Donald Trump, who had already directed harsh words at Governor Jerome Powell prior to the 18 June meeting.

Trump: ‘I call him “too late Powell”’
‘We have, frankly, a stupid person at the Fed,’ Trump said, reiterating his disappointment with the overly wait-and-see monetary policy. ‘We don’t have inflation, we just have success, and I would like to see rates go down,’ he said. The president then quipped: ‘I call him “too late Powell” because he’s always late. I think he hates me, but that’s okay. I’ve always been nice to him. Nothing works.’

Two cuts expected in 2025
Despite today’s decision, the Fed expects two rate cuts in 2025, each of 0.25 percentage points, for a total of half a point. This is what emerges from the dot plot, the chart attached to the official statement, which reflects the projections of the board members.

Solid economy, inflation still above target
In its final statement, the Fed emphasises that “recent indicators suggest that economic activity has continued to expand at a solid pace”. Unemployment remains low, the labour market is stable, but inflation remains “slightly elevated”.

Target: 2% inflation and full employment
The central bank confirms its watchful and gradual approach: it will continue to monitor data developments and the balance of risks, maintaining its long-term goal of 2% inflation and maximum employment. It will also continue its programme of reducing its holdings of government bonds and mortgage-backed securities.

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