Fed can wait to reduce interest rates: Powell

THE FEDERAL RESERVE will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell said on Tuesday, a stance directly at odds with President Donald Trump's calls for immediate cuts.

- CHRIS RUGABER

"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.

Powell is facing two days of what could be tough grilling on Capitol Hill, as Trump has repeatedly urged the Fed to reduce borrowing costs. Powell has often received a positive reception before House and Senate committees that oversee the Fed, or at least muted criticism.