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- Powell isn't taking a July rate cut off the table for Fed</p>
<p>Jennifer SchonbergerJuly 1, 2025 at 11:20 PM</p>
<p>Federal Reserve Chair Jerome Powell didn't rule out an interest rate reduction this month, but agreed that the central bank would have cut rates by now if not for the tariffs introduced by the Trump administration.</p>
<p>"I wouldn't take any meeting off the table or put it directly on the table," Powell said on a monetary policy panel at a European Central Bank monetary policy conference in Portugal, when asked about the possibility of a cut in July. "It's gonna depend on how the data evolved."</p>
<p>Powell noted a "solid majority" of the Fed's interest rate setting committee do expect that it will become appropriate later this year to begin to lower rates again, explicitly saying in the remaining four meetings of the year, which would include a gathering on July 29-30.</p>
<p>He was also asked by the panel moderator if the US central bank would have cut more by now if not for tariffs.</p>
<p>"So I do think that I think that's right," he said, noting that "we went on hold when we when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs."</p>
<p>Federal Reserve Chairman Jerome Powell listens during an open meeting of the Fed Board of Governors on June 25. (AP Photo/Mark Schiefelbein) ()</p>
<p>"We think the prudent thing to do is to wait and learn more and see what those effects might be."</p>
<p>Powell reiterated that the Fed has not seen much effect yet from tariffs, noting that the central bank expects to see some "higher readings" on inflation, but that officials are prepared to learn and that inflation could be higher, lower, later or sooner than expected.</p>
<p>His comments come as the chairman and the Fed face intensifying pressure from President Trump to lower rates.</p>
<p>On Monday Trump used Truth Social to publish a note the president sent to Powell alongside a list of the central banks around the world with lower interest rates than the US.</p>
<p>"Jerome—You are, as usual, 'Too Late'," the note from Trump reads, telling Powell that he has "cost the USA a fortune" and urging him to "lower The Rate—by a lot!"</p>
<p>White House Press Secretary Karoline Leavitt holds up a hand-written note by President Donald Trump to Jerome Powell during a press briefing at the White House on June 30. (Photo by Ricky Carioti/The Washington Post via Getty Images) (The Washington Post via Getty Images)</p>
<p>Trump on Truth Social also widened his criticism to the entire Fed board: "The Board just sits there and watches, so they are equally to blame."</p>
<p>When asked Tuesday on stage in Portugal if Trump's attacks made it more difficult for Powell to do his job, he said, "I'm very focused on just doing my job…the things that matter are using our tools to achieve the goals that Congress has given us maximum employment price stability, financial stability, and that's, that's what we focus on 100%."</p>
<p>Powell's response was met with applause from other participants on the panel and the audience in the room.</p>
<p>European Central Bank head Christine Lagarde was asked if she were in the same position if she would do the same thing.</p>
<p>"I think I speak for my colleagues on this panel when I say 'I would do exactly the same thing that Jay Powell does,'" said Lagarde.</p>
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