Fed Chair Jerome Powell stays silent on the central bank's monetary policy and interest rate cut decisions in today's meeting.

Even if Trump fails to remove Powell, he may still try to undermine the Fed chairman by announcing his replacement soon — way before Powell’s term expires in May 2026, says OCBC’s .

By Michael S. Derby NEW YORK (Reuters) -Federal Reserve Governor Christopher Waller said on Thursday he continues to believe that the U.S. central bank should cut its interest rate target at the end of the month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.

The speech comes as President Donald Trump intensifies pressure on the Fed to lower borrowing costs. Trump has repeatedly attacked Powell and has floated firing and replacing him before his term ends in May 2026. Waller, a Trump appointee, is considered a top contender for the job in part because of his dovish stance on interest rates.

After today’s meeting, the Federal Reserve has two more opportunities to consider interest rate moves in 2024. The remaining Fed meetings planned for 2024 are scheduled for Nov. 6-7 and Dec. 17-18.

Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.

At least three Federal Reserve policymakers spoke out this week in favor of holding interest rates steady for the time being, in contrast to two who said they were open to the idea of cutting the fed funds rate in July,

Federal Reserve officials capped their first monetary policy meeting of 2024 by leaving the central bank's benchmark interest rate unchanged, a decision that was widely expected on Wall Street.

The U.S. Federal Reserve should not cut interest rates "for some time" as the impact of Trump administration tariffs begin passing through to consumer prices, with tight monetary policy needed to keep inflationary psychology in check,

The Federal Reserve held interest rates steady Wednesday between 4.25% and 4.5% – exactly as interest-rate traders' bets had predicted after the policy-making body's meeting in early May.