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.

President Donald Trump accused the Federal Reserve under Chair Jerome Powell of "choking out the housing market". Trump, citing higher interest rates, said they are "making it difficult for people, especially the young,