Jerome Powell has said that the Federal Reserve can be patient as the effects of tariffs become more clear. President Trump, pushing for interest rate cuts, said, “Powell’s termination cannot come fast enough!

The administration is implementing major shifts in economic policy, and trade is now at the center of it,” Powell said. “These changes are likely to push us further away from our goals.” He explained that the tariffs announced by Trump turned out to be significantly higher than expected — and the economic fallout will likely be just as steep,

Federal Reserve Chairman Jerome Powell is infuriating President Donald Trump by not moving to further cut interest rates, in contrast to aggressive easing by the European Central Bank.