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Powell resists presidential demands. Two dissenting votes in the FOMC, but monetary prudence prevails
Jerome Powell does not give in to President Donald Trump’s demands and confirms the independence of the Federal Reserve. At the end of the FOMC (Federal Open Market Committee) meeting, the US central bank decided to keep interest rates unchanged, despite growing pressure from the White House for a more expansionary monetary policy.
In a statement released at the end of the meeting, the Fed justified its decision with an overall assessment of the US economy: ‘Recent indicators suggest that economic activity growth moderated in the first half of the year,’ the statement said, noting that the unemployment rate remains low and labour market conditions appear ‘solid’.
Inflation still high and internal division within the FOMC
The Fed’s caution is mainly due to inflation, which it described as ‘rather high.’ This is the main reason why the central bank decided not to proceed with a rate cut, despite two committee members – Michelle W. Bowman and Christopher J. Waller – expressing their dissent, preferring a reduction.
Exports and the economic slowdown
The Fed also noted that ‘fluctuations in net exports’ have affected some recent economic data, contributing to a slowdown in overall activity. However, despite more moderate growth, the Federal Reserve has chosen a cautious approach, keeping open the possibility of further adjustments in the future based on developments in the economic outlook.
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