U.S. Federal Reserve Chair Jerome Powell on Wednesday said there is no place for the central bank to consider government financing needs when setting interest rate policy. “We have a mandate” from Congress,

The Federal Reserve's decision to maintain interest rates underscores its independence amidst political pressure. As President Trump pushes for rate cuts, Fed Chair Jerome Powell remains committed to a cautious approach,

Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump’s sweeping tariffs on imports, which Powell says could push up inflation.