Jerome H. Powell, the chair of the Federal Reserve, defended on Tuesday the central bank’s wait-and-see approach to cutting interest rates, in the face of intense pressure from President Trump to follow central banks around the world that have acted faster.

Fed Chair Jerome Powell effectively told President Trump on Tuesday that he's his own worst enemy in his crusade for rate cuts. He was speaking specifically about the tariffs Trump has announced and implemented,

“The board just sits there and watches, so they are equally to blame,” Trump said. The attack on the board ratchets up pressure on individual Fed officials, such as Governor Chris Waller, who have been mentioned as potential successors to Powell, whose term ends in May 2026.