Powell Says Fed Can Wait on Rate Cuts Amid Trump Pressure and Political Tension

Key Points

• It seems likely that Federal Reserve Chair Jerome Powell told Congress the Fed can wait on rate cuts, amid pressure from President Trump for immediate reductions.

• Research suggests Powell is taking a cautious approach, waiting for clarity on how Trump's tariffs might affect inflation and the economy.

• The evidence leans toward Trump intensifying his demands for significant rate cuts, criticizing Powell publicly, which highlights a controversy between the two.

Powell's Testimony

On June 24, 2025, Jerome Powell testified before Congress, stating that the Fed is "well positioned to wait" on interest rate cuts. He emphasized the need to see how the economy evolves, particularly with Trump's tariffs potentially pushing up prices and affecting economic activity. Powell noted that inflation effects could be short-lived or persistent, and the Fed could consider cutting rates sooner if inflation doesn't heat up or if the labor market weakens, but two rate cuts this year remain uncertain and depend on data.

Trump's Pressure

Meanwhile, President Trump has been pushing for immediate and significant rate cuts, calling for a reduction from 4.25%-4.5% to 1%-2%. He has criticized Powell on X, referring to him as a "Total and Complete Moron" and urging the Fed Board to override him. Trump repeated a false claim about the European Central Bank cutting rates more often than the Fed, adding to the tension.

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Survey Note: Detailed Analysis of Powell's Testimony and Trump's Pressure

The stock market on June 24, 2025, is demonstrating robust gains across major indices, with the Dow Jones, S&P 500, and Nasdaq all showing significant increases. This analysis delves into the current values, the influencing factors, and the broader context, providing a comprehensive overview for investors and market watchers.

Current Index Values and Performance

At 11:50 AM PDT, the market data indicates the following for the major indices:

Index	Current Value	Change	Percentage Change
Dow Jones	43,087.60	+505.82	+1.19%
S&P 500	6,096.40	+71.23	+1.18%
Nasdaq Composite	19,931.86	+300.88	+1.53%

These values were sourced from reliable financial platforms, with the Dow Jones figure from [Investing.com]([invalid url, do not cite]), and both S&P 500 and Nasdaq from [Yahoo Finance]([invalid url, do not cite]) and [Yahoo Finance]([invalid url, do not cite]) respectively. The percentage increases reflect a market buoyed by positive developments, with the Nasdaq showing the highest relative gain, indicative of strong performance in technology stocks.

Market Drivers: Geopolitical and Monetary Policy Influences

The market's upward trajectory is closely tied to two significant events. First, the tentative ceasefire between Israel and Iran has alleviated concerns over geopolitical risks, which often negatively impact stock markets. News reports, such as those from [MarketWatch]([invalid url, do not cite]), highlight that this development has triggered a "risk-on" sentiment, with stocks rising as oil prices fell due to reduced supply concerns. This is further supported by articles from [CNBC]([invalid url, do not cite]), noting stocks rose as investors bet on the ceasefire holding.

Second, Federal Reserve Chair Jerome Powell's testimony today has added to the positive market sentiment. According to [MarketWatch]([invalid url, do not cite]), Powell left the door open for a potential rate cut in July, which is seen as a dovish signal. Lower interest rates typically reduce borrowing costs for companies, potentially boosting earnings and stock prices, and this expectation has contributed to today's gains.

Methodological Considerations and Data Sources

Obtaining current index values involved consulting multiple financial websites due to the dynamic nature of live market data. Initially, [Moneycontrol]([invalid url, do not cite]) provided values, but timestamps indicated potential delays compared to U.S. market hours. For instance, Moneycontrol showed the Dow at 43,111.40 and S&P 500 at 6,098.38, but these were from earlier in the trading day in Indian Standard Time (IST), which is ahead of Pacific Daylight Time (PDT). To ensure recency, [Yahoo Finance]([invalid url, do not cite]) and [Investing.com]([invalid url, do not cite]) were used, offering updates closer to 11:50 AM PDT. For Nasdaq, [Yahoo Finance]([invalid url, do not cite]) provided the most recent figure at 19,931.86, aligning with the market's live status.

The process highlighted the challenge of real-time data, with slight discrepancies noted (e.g., S&P 500 at 6,090.09 on one source versus 6,096.40 on another), likely due to updates during trading hours. The chosen values reflect the most recent and consistent data available at the time of analysis.

Broader Market Context and Investor Implications

The gains today suggest a market resilient to recent uncertainties, with the ceasefire reducing a major risk factor and Powell's comments reinforcing expectations of monetary easing. The S&P 500, nearing record highs as noted by [The Wall Street Journal]([invalid url, do not cite]), and the Nasdaq's strong performance, led by tech-heavy stocks, indicate broad-based optimism. Investors might consider this a favorable environment for equities, particularly in technology and growth sectors, though vigilance on geopolitical developments remains crucial.

In summary, the stock market's performance on June 24, 2025, reflects a confluence of positive geopolitical and monetary policy news, with current values showing significant gains across the board. This analysis, grounded in multiple reliable sources, provides a detailed snapshot for understanding today's market dynamics.

Key Citations

• Powell tells Congress Fed can 'wait' on rate cuts as Trump pressure intensifies

• Powell Reiterates Fed's Wait-and-See Approach Before Cutting Rates

• Powell says Fed can wait to reduce interest rates as Trump demands cuts

• Trump's X post criticizing Powell

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