All eyes will now be on US Fed Chair Jerome H. Powell, who will be speaking at the Thomas Laubach Research Conference, Washington, D.C, on May 15. Powell is under a lot of fire from President Trump, who wants the Fed chief to start cutting rates.

Last week, US President Donald Trump called Fed Chair Jerome Powell a “fool” after the central bank announced another delay in rate cuts and warned of increased risks to inflation and unemployment targets. The last FOMC meeting was on May 6-7.

On Tuesday, US President Donald Trump reiterated his appeal for the Federal Reserve to decrease interest rates. “No Inflation, and Prices of Gasoline, Energy, Groceries, and practically everything else, are DOWN!!! THE FED must lower the RATE, like Europe and China have done,” Trump said on Truth Social.

“What is wrong with Too Late Powell? Not fair to America, which is ready to blossom? Just let it all happen, it will be a beautiful thing!,” Trump added, repeating criticism of Fed Chairman Jerome Powell.

Powell could finally respond to Trump’s desire for a rate cut, thanks to the US-China trade agreement and US CPI data inching closer to the US Fed’s target of 2%.

The next Federal Open Market Committee (FOMC) meeting is on June 17-18, when the summary of economic projections will also be released by the Committee. The projections will give cues to the markets as to how many rate cuts are expected by the Fed in 2025.

But, before Powell and his team sit to decide on the rates, the inflation numbers for May would have been out. May 2025 CPI data are scheduled to be released on June 11.

Trump tariffs are already in place, but in a toned-down version. While reciprocal tariffs are paused, the US-China high tariff rates are also paused; the 10% tariff is already in place.

For the first time, the entire effect of tariffs is probably going to be seen in the May inflation data.

If May’s inflation numbers show a spike, it’s bye-bye rate cuts at least in 2025. However, a lower inflation number for May could likely make way for Powell to cut the rate on Wednesday 18, June.

The annual inflation numbers for April were lower, but the monthly inflation figures, including the core inflation numbers, remained higher.

What’s on Powell’s mind could be revealed when the US Federal Reserve Board hosts the Second Thomas Laubach Research Conference on May 15-16, 2025. The conference will be broadcast live at federalreserve.gov and YouTube, where Powell will speak at 8:40 a.m. on May 15.