Federal Reserve Holds Interest Rates at 4.25 to 4.5 Percent Range

Chairman Powell holds steady as President Trump calls for steeper cuts.

The Federal Reserve chose to hold banking interest rates steady at a range of 4.25 to 4.5 percent. This was done by a unanimous vote from the Federal Open Market Committee, the panel of Fed officials that reviews the central bank’s exchange rate eight times per year.

Financial officials anticipated this decision in light of steady inflation rates and climbing employment numbers. President Donald Trump has been urging Fed Chair Jerome Powell to continue reducing their interest rates, which he believes will encourage economic growth.

“I think I know interest rates much better than they do, and I think I know it certainly much better than the one who’s primarily in charge of making that decision,” President Trump said shortly after being sworn into office.

Chairman Powell said Wednesday he’s had “no contact” with President Trump.

“I’m not going to have any response or comment whatsoever on what the president said. It’s not appropriate for me to do so,” the Fed chair said. “The public should be confident that we will continue to do our work as we always have, focusing on using our tools to achieve our goals.”

As the Lord Leads, Pray with Us…

  • For discernment for President Trump as he encourages the central bank to reduce interest rates.
  • For Chairman Powell and members of the Federal Reserve to be led by God in their decisions.

Sources: The Hill, AP News

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