Federal Reserve Chair Jerome Powell on Wednesday reaffirmed the central bank’s independence, pushing back against mounting political pressure from President Donald Trump. He stated that he will never seek a meeting with any US president.
“I’ve never asked for a meeting with any president, and I never will,” Powell told reporters at a post-policy meeting press conference. “Maybe some have done so, but I can’t imagine myself doing that.” The comments came shortly after the Fed’s Federal Open Market Committee (FOMC) announced to keep its benchmark interest rate unchanged, maintaining it in the range of 4.25% to 4.5%.
The decision, widely expected by economists, reflects the central bank’s cautious stance amid a clouded economic outlook shaped in part by Trump’s evolving trade policies. In its statement, the Fed cited rising uncertainty in the economic landscape, highlighting increased risks of both inflation and unemployment. “Uncertainty about the economic outlook has increased further,” the FOMC noted.
Powell said the Fed is taking a wait-and-watch approach as it assesses how the administration’s tariffs and trade negotiations may impact employment, inflation, and overall economic growth. “I don’t think we can say which way this will shake out,” Powell said. “My gut tells me that uncertainty for the path of the economy is extremely elevated.” The Fed’s decision to hold rates steady follows weeks of public pressure from President Trump, who has repeatedly called for rate cuts and criticized Powell personally, referring to him as a “total stiff” and a “major loser.”
Despite the rhetoric, Powell maintained that the Fed remains unaffected by political noise. “Doesn’t affect doing our job at all,” he said in response to questions about Trump’s influence. Later in the press conference, Powell also claimed, “It always comes the other way — a president wants to meet with you,” he said. “But that hasn’t happened.”