US central bank kept rates unchanged to the chagrin of Trump.
The Federal Reserve held its first two-day Federal Open Market Committee (FOMC) meeting of President Donald Trump’s second term in the White House. Fed officials kept interest rates unchanged, leaving the benchmark federal funds rate at a range of 4.25% and 4.5%. Wall Street widely expected the conclusion. Chair Jerome Powell offered little forward guidance on what comes next, though investors believe the Eccles Building, amid elevated inflation, will keep the rate-cutting cycle on pause until June. This is not what the 47th president desired to hear on Jan. 29.
Trump Bashes the Fed
President Trump took to Truth Social soon after the Fed chief finished his post-meeting press conference, lambasting the US central bank for its policy performance. He accused the Fed…