If President Donald Trump isn’t pleased with the Federal Reserve’s recent interest rate calls, he should take a hard look at his own trade policies, Fed chair Jerome Powell suggested on Tuesday. During an appearance at the European Central Bank forum in Sintra,

“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.

The Fed Chair on Tuesday reiterated the central bank plans to "wait and learn more" about the impact of tariffs on inflation before lowering rates.