00:00The U.S. Federal Reserve has opted to keep interest rates unchanged for a fourth straight meeting.
00:07It comes despite U.S. President Donald Trump repeatedly urging Fed Chair Jerome Powell to slash rates to boost the economy.
00:15In support of our goals, today the Federal Open Market Committee decided to leave our policy interest rate unchanged.
00:22We believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments.
00:32Powell says the decision to maintain rates was to allow the federal agency an opportunity to assess how Trump's global tariffs could disrupt the economy.
00:41Every forecaster you can name who, you know, who is a professional, you know, forecaster with adequate resources and forecasts for a living is forecasting, you know, pretty significant.
00:52Everyone that I know is forecasting a meaningful increase in inflation in coming months from tariffs because someone has to pay for the tariffs.
01:00Trump speaking to reporters ahead of the Fed's announcement predicted that Powell would not decrease rates.
01:06He slammed the Fed chair and accused him of having a personal agenda against him.
01:11So we have a stupid person, frankly, at the Fed.
01:15He probably won't cut today.
01:17Europe had ten cuts and we had none.
01:20And I guess he's a political guy.
01:22I don't know.
01:23He's a political guy who's not a smart person, but he's costing the country a fortune.
01:28I think he hates me, but that's OK, you know.
01:30He should.
01:31He should.
01:32I call him every name in the book trying to get him to do something.
01:34The Federal Reserve foresees inflation, which currently sits at around 2.1%, spiking to 3% by the end of the year.
01:42They also expect a modest increase in unemployment, as well as growth slowing from 2.5% last year to around 1.4%.
01:51Powell noted that despite the projections, Fed policymakers are anticipating two rate cuts this year.
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02:24So I'll see you.
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