Mumbai, June 25 -- Despite intense pressure from President Donald Trump to lower interest rates, Federal Reserve Chair Jerome Powell on Tuesday indicated the central bank is likely to remain on hold.
"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," Powell said in prepared remarks before the House Financial Services Committee.
Powell noted that economic effects of policy changes, including increases in tariffs on U.S. trade partners, remain uncertain.
"The effects on inflation could be short lived-reflecting a one-time shift in the price level," Powell said. "It is also possible that the inflationary effects could instead be m...