Federal Reserve Chair Jay Powell has reiterated that rate decisions will be data-driven — by inflation, and employment.

President Donald Trump has frequently voiced dissatisfaction with the Fed’s “wait-and-see" approach to lowering interest rates under Powell.

Federal Reserve Governor Chris Waller said on Thursday said he favors cutting the Fed's policy rate in July. He also discussed the Fed's balance sheet and why it should continue to pay interest on bank reserves.

Trump administration official Bill Pulte released a statement suggesting that Fed Chair Jerome Powell is considering resigning amid mounting pressure on his leadership.

Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.

Fed Chair Jerome Powell has sketched out new conditions that could trigger rate cuts by summer’s end, but inflation remains a big question.

The Fed report suggests that a higher prime rate is causing, at least in part, growth in card interest rates. The prime rate remained stable at 7.5% throughout the first quarter. But it is still much higher than it was during the beginning of the 2020s, when it wasn’t uncommon to see the benchmark rate fall between 3.25% and 5.5%.

Investors in U.S. stock markets need to stop obsessing about when, and by how much, the Federal Reserve will cut interest rates.