U.S. Federal Reserve Keep Rates Unchanged, Brushes Off Pressure From Donald Trump

The U.S. Federal Reserve held interest rates steady on July 30 despite constant pressure from President Donald Trump. Federal Reserve Chairman Jerome Powell's comments also undercut confidence that borrowing costs would begin to fall in September. Powell said the Fed is focused on controlling inflation - not on government borrowing or home mortgage costs that Trump wants lowered - and added that the risk of rising price pressures from the administration's trade and other policies remains too high for the central bank to begin loosening its grip until more information is collected. He added that the Fed was still in the early stages of understanding how Trump's rewrite of import taxes and other policy changes will unfold in terms of inflation, jobs and economic growth.