Powell dismisses possibility of July rate cut

when asked whether the Fed is prepared to cut interest rates again at the next meeting in July, Fed Chairman Powell refused to answer the question during his testimony to Congress. Powell said, "I don't want to point out a specific meeting. I don't think we need to be hasty." Republican Congressman Mike Lawler pressured Powell on why the Fed is not choosing to cut interest rates despite cooling inflation, echoing President Trump's criticism of the Fed Chairman.