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American Focus > Blog > Economy > Fed leaves rates unchanged, defying Trump’s demands for aggressive cuts
Economy

Fed leaves rates unchanged, defying Trump’s demands for aggressive cuts

Last updated: July 30, 2025 12:30 pm
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Fed leaves rates unchanged, defying Trump’s demands for aggressive cuts
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The Federal Reserve voted to keep its benchmark interest rate steady in a divided decision on Wednesday, despite pressure from President Donald Trump and dissents from two top officials. The Federal Open Market Committee voted 9-2 to maintain the federal funds rate in a range between 4.25%-4.5%. This decision was met with opposition from Governors Michelle Bowman and Christopher Waller, who have been advocating for rate cuts due to controlled inflation and potential weakening in the labor market.

The post-meeting statement highlighted a moderation in economic growth in the first half of the year, solid labor market conditions, and somewhat elevated inflation. This was a shift from the more optimistic view expressed at the June meeting. The statement also noted that uncertainty about economic conditions remains elevated.

Fed Chair Jerome Powell stated at a news conference that no decisions have been made regarding a rate cut in September. The central bank is closely monitoring the potential impact of tariffs on inflation, emphasizing the importance of keeping longer-term inflation expectations anchored.

Market expectations for a rate cut in September may change based on incoming data. While Fed officials previously indicated the possibility of two cuts this year, the dissenting views at the July meeting suggest a potential shift towards a more dovish stance in September.

President Trump has been vocal in his criticism of the Fed, calling for rate cuts to reduce borrowing costs on the national debt and stimulate the housing market. Despite the pressure from the administration, the Fed remains focused on data-driven decision-making and maintaining its independence.

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Recent economic data, including stronger-than-expected GDP growth in the second quarter and moderate inflation levels, could influence the Fed’s future decisions. The central bank will convene at its annual retreat in Jackson Hole, Wyoming, in late August, where Chair Powell is expected to deliver a major policy speech.

Overall, the Fed’s decision to hold rates steady reflects a cautious approach to monetary policy in the face of economic uncertainties. The upcoming months will be crucial in determining the path of interest rates and the central bank’s response to evolving economic conditions.

TAGGED:AggressivecutsDefyingDemandsFedLeavesratesTrumpsunchanged
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