Powell dismissed the possibility of a rate cut in July

On June 24, when asked whether the Federal Reserve was ready to cut interest rates again at its next meeting in July, Fed Chairman Jerome Powell rejected the question in his testimony before Congress. “I don’t want to point to a particular meeting,” Powell said. I don’t think we need to rush it. Republican Rep. Mike Lawler pressured Powell on why the Fed did not choose to cut rates even as inflation cooled, echoing President Trump’s criticism of the Fed chairman.