Trump defends Fed chief after unchanged interest rate

U.S. President Donald Trump publicly defended Federal Reserve Chair Jerome Powell, describing him as "brilliant" even after the central bank decided to maintain interest rates for the fifth consecutive time. Trump, speaking to reporters in the Oval Office, reiterated his strong desire for lower interest rates, which he believes would benefit the economy.

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He is a brilliant guy.

"He is a brilliant guy," Trump stated. "I know that he would love to have lower interest rates, but he has a board, and it is a political board, and they want to keep rates up. But we are fighting our way through the rates."

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I know that he would love to have lower interest rates, but he has a board, and it is a political board, and they want to keep rates up. But we are fighting our way through the rates.

Powell, who was appointed Fed chair after his predecessor Jerome Powell's term ended, suggested at a press conference following the Fed's decision that he might be more inclined to implement interest rate increases. This stance is attributed to rising inflation, which is occurring concurrently with a robust labor market and a strong overall economy.

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Any central bank chief who sees underlying inflation rising is more likely to tighten policy.

"Any central bank chief who sees underlying inflation rising is more likely to tighten policy," Powell said, characterizing his role as a "reaction function."

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reaction function