Fed Chair Jerome Powell defended the Federal Open Meeting Committee’s universal decision to hold the Federal Funds Rate steady at 4.25% - 4.50% in June. The FOMC’s “wait and see” approach to the funds rate was in keeping, Powell said, with the Fed’s dual mandate of prudent monetary policy.

The central bank chief said he believes the Fed board would have decided to lower rates further until Trump launched his mercurial on-again, off-again tariffs policy, which could wind up raising