The president has repeatedly berated Powell for not cutting rates as he desires. The two men met face-to-face for the first time last week.

The European Central Bank cut its key interest rate to the lowest level since early 2023, a response to slowing inflation and threats to growth from President Trump’s trade war. The move deepens a divergence with the U.

Federal Reserve Bank of Chicago President and CEO Austan Goolsbee believes the U.S. economy remains on track to reach the Fed’s 2% inflation target, despite recent economic “turbulence.”