Jerome Powell defies Trump one last time, holding rates steady: 'The facts have moved decisively in the hawkish direction,' top economist says.

The article focuses on the Federal Reserve's decision to hold interest rates steady at 3.5% to 3.75% during what is likely Chair Jerome Powell's final policy meeting, despite President Donald Trump's calls for significant rate cuts. The Federal Open Market Committee (FOMC) showed internal divisions, with four dissenting votes reflecting differing views on future rate adjustments amid rising inflation and energy prices linked to geopolitical tensions. Experts cited in the article suggest that inflationary pressures make rate cuts unlikely in the near term, contrasting with Trump's preference for lower rates. The article also highlights the upcoming transition to Kevin Warsh as Fed chair and questions about Powell's future role on the Federal Reserve Board. [Extracted from the article]