The head of the US Federal Bank (Fed), Jerome Powell, once again ruled that the reduction in interest rates could “wait”, disagreeing with other members of the institution and, above all, with President Donald Trump.

“At the moment, we are in a good position to wait until we find out more about the possible evolution of the economy before we consider any adjustment of our (economic) policy,” Powell said during his hearing in the House Committee on Finance.

Powell has been fiercely criticized by Trump who accuses him of his “very restrictive” monetary policy. A few hours before his hearing in Congress, Trump described him as “stupid” and “dry head”. The US will pay the price “for its incompetence for many years,” he said. The US president also considered, in a scene on the Truth Social platform that “there is no inflation, the economy is wonderful” and that the interest rates should be “at least two or three units lower”.

Last Friday, Trump had asked other central bankers to “overthrow” Powell.

The interest rates remain constant at 4.25-4.50% since December.

Powell, whose term expires in the spring of 2026, reached this office by Trump himself during his first term.

“We understand that our actions affect society, families, businesses across the country. What is done is done in the name of our mission ”which consists of waiting for the reduction of unemployment and price stability, he said in his introductory deposit to the Commission. He also pointed out once again that the duties imposed by Trump in January “will probably increase prices and burden economic activity”.

Powell expects that the consumer price index, which will be made public on Friday, will rise to 2.3%, from 2.1% in April.

At the last Fed meeting last week, the rulers unanimously agreed to maintain interest rates unchanged. Many, however, are in favor of decreasing at the next session at the end of July. “I don’t think we should expect much longer,” Christopher Waller said characteristically, and Michel Bowman, the Fed Vice President, said that if inflationary pressures remain controlled, it would support the reduction of interest rates on July 29-July.

Waller is considered a potential candidate for Powell’s position while Trump recently promoted Bowman as Vice President of the Organization.

Powell did not want to comment on the statements of his colleagues.

Concerning the financial consequences of the Middle East war, he said it is still too early to make an assessment.