July 30, 2025

Federal Reserve keeps interest rates unchanged, despite President Trump's pressure to cut them, says more data needed on tariffs' effect on inflation

55 minutes

Federal Reserve Chair Jerome Powell announces no change to interest rates and says of President Donald Trump's tariff policy, “Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen"; President Trump announces more tariff rates scheduled to take effect August 1st, including 25% on India plus an additional unspecified tariff if India buys Russian oil; U.S. economy grew at a very healthy 3% in the 2nd Quarter after shrinking in the 1st Quarter; bipartisan concerns at a Senate Agriculture Committee hearing about the Agriculture Department's reorganization plan that would send DC-area-based staff to five regional hubs; Senate Democrats use an obscure 100 year old law to demand the Justice Dept to release the files in the Jeffrey Epstein sex trafficking investigation; Senate committee approves a bill to ban stock trading by Members of Congress, with all Democrats and one Republican, sponsor Josh Hawley of Missouri, voting yes; Sen. Chuck Grassley (R-IA) says he is

disappointed and offended by President Trump personal attacks on him for not bypassing the tradition called 'blue slip', by which Senators can block the president's judicial and U.S. attorney nominees from their states; Senate confirms Emil Bove, former personal lawyer to Donald Trump, and then Justice Dept official, to be a federal appeals court judge.

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