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Federal Reserve Chair Jerome Powell said Tuesday the central bank would likely have eased interest rates this year if not for Trump’s tariff policy, according to CNBC. Speaking at a European Central Bank forum in Portugal, Powell confirmed that the Fed likely would have cut rates this year if Trump had not announced plans for higher import tariffs. Powell said the Fed paused rate cuts after assessing the scale of Trump’s tariffs, which caused U.S. inflation forecasts to rise significantly. His remarks come as the central bank maintains a steady interest rate policy amid pressure from the White House. The Fed kept its key interest rate unchanged last month, maintaining the 4.25% to 4.5% range set in December. Trump has recently escalated criticism of Powell, calling him “terrible.” Powell declined to say whether he would remain at the Fed after his term as chair ends in 2026.

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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Federal Reserve Chair Jerome Powell said Tuesday the central bank would likely have
00:06eased interest rates this year if not for Trump's tariff policy, according to CNBC.
00:10Speaking in a European central bank forum in Portugal, Powell confirmed that the Fed likely
00:14would have cut rates this year if Trump would not announce plans for higher import tariffs.
00:19Powell said the Fed paused rate cuts after assessing the scale of Trump's tariffs,
00:23which caused U.S. inflation forecasts to rise significantly. These remarks come as the central
00:27bank maintains a steady interest rate policy amid pressure from the White House.
00:32Fed kept its key interest rate unchanged last month, maintaining the 4.25% to 4.5% range
00:37in December. Trump has recently escalated criticism of Powell, calling him terrible.
00:42Powell declined to say whether he would remain in the Fed after his term as chair ends in 2026.
00:47For all things money, visit Benzinga.com.

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