After 3 straight rate cuts to wrap-up the year, the Federal Reserve started off 2025 by holding rates steady. The overnight borrowing rate remained unchanged between 4.25%-4.5%.
At the post meeting press conference, Fed Chair Jerome Powell was asked about Trump's demand, but didn't have much to say.
"I'm not going to have any response or comment whatsoever, on what the president said. It's not appropriate for me to do so" Powell said, "The public should be confident that we will continue to do our work as we always have, really keeping our heads down and doing our work. And that's how we best serve the public."
When asked if he has spoken with Trump directly? Powell said "I've had no contact".