<p>The Federal Reserve voted to leave the benchmark interest rate between 4.25% and 4.5%, despite the economy&#8217;s &#8220;solid position.&#8221;</p>
<p>&#8220;For the time being, we are well-positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,&#8221; Federal Reserve Chair Jerome Powell <a href="https://www.youtube.com/watch?v=K-WAOqotRl8">said</a> in a press conference following the decision.</p>
<p>The Consumer Price Index rose 2.4% in May, up from 2.3% in April — its lowest point in four years, The Daily Wire previously <a href="https://www.dailywire.com/news/inflation-hits-lowest-point-in-over-4-years-as-april-report-better-than-expected?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Inflation+Hits+Lowest+Point+In+Over+4+Years+As+April+Report+Better+Than+Expected">reported</a>.</p>
<p>&#8220;Inflation remains somewhat elevated,&#8221; the Federal Reserve <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20250618a.htm">said</a> today in a press release. &#8220;Uncertainty about the economic outlook has diminished but remains elevated.&#8221;</p>
<p>Earlier today, President Donald Trump <a href="https://x.com/theMRC/status/1935336312086675879">said</a> the Federal Reserve &#8220;probably won&#8217;t cut.&#8221;</p>
<p>&#8220;We have a stupid person, frankly, at the Fed,&#8221; Trump said. &#8220;I guess he&#8217;s a political guy, I don&#8217;t know. He&#8217;s a political guy who&#8217;s not a smart person.&#8221;</p>
<p>Powell said the Federal Open Market Committee&#8217;s stance is &#8220;not complicated.&#8221;</p>
<p>&#8220;What everyone on the FOMC wants is a good, solid American economy with strong labor market and price stability, that&#8217;s what we want,&#8221; Powell said. &#8220;That&#8217;s what matters to us. That&#8217;s pretty much all that matters to us.&#8221;</p>
<p>Powell said the country could still see negative economic effects from tariffs.</p>
<p>&#8220;Expectations of that [tariff] level, and thus of the related economic effects, reached a peak in April and have since declined,&#8221; Powell said in a press conference following the decision. &#8220;Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity.&#8221;</p>
<p>The CPI has shown little impacts from Trump&#8217;s tariffs over the past three months, The Daily Wire previously reported. The index for food increased slightly compared to April, but the indexes for energy and gas decreased by 1% and 2.6%, respectively.</p>
<p>Powell said the Federal Reserve still expects to see impacts from tariffs this summer.</p>
<p>&#8220;It takes some time for tariffs to work their way through the chain of distribution to the end consumer,&#8221; Powell said. &#8220;We&#8217;re beginning to see some effects, and we do expect to see more of them over the coming months.&#8221;</p>
<p>But he said the ultimate effects of tariffs are &#8220;highly uncertain.&#8221;</p>
<p>Trump also said he would not reappoint Powell.</p>
<p>&#8220;I would have never reappointed him, Biden reappointed him,&#8221; Trump said. &#8220;He&#8217;s done a very poor job. So we have no inflation, we have only success, and I&#8217;d like to see interest rates get down.&#8221;</p>
<p>Despite maintaining interest rates, Powell said the economy shows no sign of weakening.</p>
<p>&#8220;The U.S. economy has defied all kinds of forecasts for it to weaken, really, over the last three years,&#8221; Powell said. &#8220;Eventually it will, but we don&#8217;t see signs of that now.&#8221;</p>

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