{"id":87130,"date":"2025-08-22T09:13:07","date_gmt":"2025-08-22T09:13:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/87130\/"},"modified":"2025-08-22T09:13:07","modified_gmt":"2025-08-22T09:13:07","slug":"fed-chair-powell-to-give-high-stakes-speech-at-jackson-hole-amid-trump-attacks-federal-reserve","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/87130\/","title":{"rendered":"Fed chair Powell to give high-stakes speech at Jackson Hole amid Trump attacks | Federal Reserve"},"content":{"rendered":"

For months, the Federal Reserve<\/a> chair, Jerome Powell, has ignored demands from Donald Trump to cut interest rates and defied the US president\u2019s calls to resign.<\/p>\n

On Friday, as Trump ramps up his extraordinary attack on the central bank\u2019s independence, Powell will set out where he thinks the world\u2019s largest economy is headed in a closely scrutinized speech at the Jackson Hole symposium in Wyoming.<\/p>\n

As Trump\u2019s erratic trade strategy continues to enshroud the US economy<\/a> in a fog of uncertainty, investors, economists and officials hope Powell will provide hints of the Fed\u2019s plans for the months ahead.<\/p>\n

At five consecutive meetings, the Fed has left rates unchanged, despite the president\u2019s calls for rapid cuts. Before moving, most policymakers wanted more clarity on the economic impact of his policies, including sweeping tariffs on imports, and deportations.<\/p>\n

Things might be about to change. At the Fed\u2019s next rate-setting meeting, in September, traders currently put the chances of a rate cut at 73.5%, according to CME\u2019s FedWatch tool. It would be the first in nine months.<\/p>\n

At the Fed\u2019s last meeting, in July, where it again opted to leave its benchmark interest rate unchanged<\/a>, two governors opposed the decision \u2013 the first time multiple governors have voted against the majority since 1993.<\/p>\n

After the meeting, official employment data showed that jobs growth stalled this summer<\/a> \u2013 prompting Trump to fire the federal official<\/a> in charge of labor statistics \u2013 as inflation continued to rise<\/a>.<\/p>\n

a interactive graph of interest rate cuts from August 2019 to July 2025<\/a><\/p>\n

At the Jackson Hole symposium in Wyoming today, Powell will address the economic outlook. It will be the last time he speaks as chair at the annual jamboree of central bankers, with his term due to expire next May.<\/p>\n

A parade of those aspiring to replace Powell \u2013 believed to include the two governors who called for rate cuts at the last Fed meeting, Christopher Waller and Michelle Bowman, and Kevin Hassett, director of Trump\u2019s national economic council \u2013 will be interviewed in the coming weeks.<\/p>\n

The Trump administration meanwhile continues to encroach on the Fed\u2019s independence under Powell, whom the US president has described as a \u201cnumbskull\u201d in a string of personal attacks online.<\/p>\n

Trump paid a rare presidential visit to the central bank\u2019s headquarters in July, touring costly renovations that he has suggested \u2013 without evidence \u2013 are tantamount to fraud<\/a>.<\/p>\n

Earlier this week, Trump called on a Fed governor, Lisa Cook, to resign<\/a> after one of his allies, the US Federal Housing Finance Agency head, Bill Pulte, alleged that she had committed mortgage fraud. Cook said she had \u201cno intention of being bullied\u201d into stepping down.<\/p>\n","protected":false},"excerpt":{"rendered":"For months, the Federal Reserve chair, Jerome Powell, has ignored demands from Donald Trump to cut interest rates…\n","protected":false},"author":2,"featured_media":87131,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164],"class_list":["post-87130","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/87130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=87130"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/87130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/87131"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=87130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=87130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=87130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}