On July 30, 2025, the Federal Reserve announced a decision to maintain steady interest rates despite pressure from President Trump to lower borrowing costs. Only two board members voted to cut rates, highlighting a rift among officials. Economic growth showed a 3% rise from the previous quarter, yet there are signs of stagnation beneath the surface. A reported inflation rate of 2.7% exceeds the Fed's target, contributing to their decision to keep rates elevated, affecting Social Security retirees' benefits for 2026.
The Federal Reserve's decision to hold interest rates steady came despite intense pressure from President Trump to lower borrowing costs for economic growth.
Conflict among Fed officials emerged as two board members voted to cut rates, indicating differing economic projections and concerns about the economy's momentum.
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