""This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions or whether instead monetary policy will be directed by political pressure or intimidation," he said in a video statement released January 11."
"Powell said the move should "be seen in the broader context of the administration's threats and ongoing pressure" on the Fed."
""There's little chance the Fed will vote to cut rates this week, as the data in-hand doesn't justify it," said NerdWallet's senior economist Elizabeth Renter."
The Federal Reserve will make its first rate decision of the year and is expected to hold interest rates steady. Market-based projections show a near-total chance of no change, with the Fed penciling in one cut after three cuts in 2025. Rate decisions will affect mortgages, consumer credit, auto loans, inflation, and the labor market over time. The DOJ has opened a probe into Powell's handling of Fed building renovations amid allegations of false testimony, and Powell framed the probe as part of broader political pressure. Relatively tame but above-target inflation and a modest jobs market support a pause in rate cuts for now.
Read at Business Insider
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