Washington: The U.S. Federal Reserve decided to hold its benchmark interest rate steady for the fifth consecutive time, despite ongoing pressure from President Donald Trump to lower the rate. This decision followed the Federal Open Market Committee's two-day meeting, where the central bank opted to keep the rate within the 4.25-4.50 percent range. The Fed has maintained these borrowing costs since January, after implementing a quarter percentage point reduction in December.
According to Yonhap News Agency, President Trump has been persistently urging the Fed and its chair, Jerome Powell, to cut the interest rate. He argues that his tariff policies will not lead to price increases. Trump emphasized his stance on Truth Social, stating, "'Too Late' MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!" This comment came just before the Fed's rate decision was announced.