President Trump has a lot to say about FOMC chairman Jerome Powell—and yet it seems he won't take his fight directly to the Fed.

President Donald Trump has called out the Federal Reserve in recent weeks, urging the central bank to continue cutting interest rates. But Chair Jerome Powell said Wednesday that he hasn’t had any contact with the president and declined to comment on any of Trump’s remarks.

During the disorienting flurry of Trump's executive orders, Fed Chair Powell issued an edict of his own. He's defending the borders of his job's mandate.

Jerome H. Powell has been a member of the Board of Governors of the Federal Reserve System (FRB) since May 25, 2012, appointed by then-President Barack Obama to fill an unexpired term. He was reappointed by Obama and sworn in on June 16, 2014, for a term that expires on Jan. 31, 2028.

Fed Chair Jerome Powell is taking questions from journalists after the central bank held interest rates steady following three consecutive cuts at the end of 2024.

Powell made clear that Fed policymakers are in no rush to reduce interest rates further, after lowering borrowing costs by a full percentage point in the final months of 2024. Whe

Fed Chair Jerome Powell said “we do not need to be in a hurry to adjust our policy stance” and monetary policy is “well positioned” for the challenges at hand.

Last month, Fed officials signaled they expect just two rate cuts for all of 2025, a shallower path of reductions than previously anticipated. Policymakers will update their projections on the economy and rates at their next meeting in March. This month’s pause in rate cuts comes amid increasing uncertainty about how inflation will evolve.

Tedeschi's chart shows that when taken literally, Trump's campaign proposals could increase the average effective tariff rate anywhere from seven to 27 percentage points. The high end of the estimate would bring the average effective tariff rate to a level not seen since 1900.

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The numbers: Wages and benefits for American workers accelerated in the fourth quarter. The employment-cost index (ECI) increased 0.9% from October to December, the government said Friday. That's up slightly from a 0.8% gain in the prior quarter, which was the slowest quarterly increase in three years.