Fed keeps interest rates steady

The US Federal Reserve (Fed) did not make any changes to interest rates at its June meeting, keeping them steady in the 4.25-4.50 percent range.

This decision was made in line with market expectations. The Fed last cut interest rates in December 2024 and has since decided to keep interest rates steady to evaluate economic developments and the effects of President Donald Trump's policies.

US President Donald Trump made harsh criticisms of Fed Chair Jerome Powell ahead of the Fed's interest rate decision.

Speaking at an event held at the White House, Trump described Powell as "stupid" and stated that the Fed would likely not cut interest rates.

Criticizing the US for not lowering interest rates at a time when Europe is cutting rates, Trump accused Powell of acting politically and claimed that he has caused great financial damage to the country.

Furthermore, Trump emphasized that interest rates should be lowered, saying, "Am I allowed to appoint myself to the Fed? I would do a much better job than these people."