PrintFed's Powell says US lawmakers privately tell him Fed is right on rates
BY Reuters | ECONOMIC | 06/24/25 12:44 PM EDTJune 24 (Reuters) - Federal Reserve Chair Jerome Powell on Tuesday said members of Congress have told him privately the central bank is "doing the right thing" on interest rates even as President Donald Trump berates Powell and the Fed for not cutting borrowing costs.
During testimony before the House Financial Services Committee, Powell was asked whether he hears from people on "both sides" that rates should go down.
"I talk to a lot of members privately who say you are doing the right thing," he said. "I hear that from a lot of members privately."
Powell was also asked whether Trump would be allowed to appoint himself as head of the Fed, something Trump recently mused about. Powell responded that he did not know.
The Federal Reserve Act would appear not to allow a Fed chief to hold multiple positions outside the Fed. It states Fed Board of Governors members "shall devote their entire time to the business of the Board." (Reporting By Dan Burns; Editing by Chizu Nomiyama)
