Central Bank resists calls from Trump for reductions
Federal Reserve chairman Jerome Powell. The US central bank has left US interest rates on hold, halting a cycle of cuts and resisting calls from US president Donald Trump for deep reductions in borrowing costs. Photograph: Jeenah Moon/The New York TimesThe Federal Reserve has left US interest rates on hold, halting a cycle of cuts and resisting calls from US president Donald Trump for deep reductions in borrowing costs.
Rate-setters on the Federal Open Market Committee said in a post-vote statement that US inflation remained “somewhat elevated” and removed an earlier reference noting “progress” towards hitting their 2 per cent goal. As the Fed was holding steady on rates Howard Lutnick, President Donald Trump’s nominee to lead the commerce department, offered a detailed defence of tariffs in his confirmation hearing, the clearest signal yet from a cabinet pick that the new administration is prepared to impose the levies on allies and adversaries alike.
Mr Lutnick brushed aside worries that tariffs would drive inflation higher as “nonsense,” while conceding prices of some products might go up. Asked if US tariff policy would distinguish between friends and foes, he said China should face the stiffest duties overall but that allies won’t be spared.
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