Federal Reserve Holds Rates as Trump Weighs Jerome Powell Successor via DOJ

The Federal Reserve kept interest rates steady on Wednesday as Jerome Powell faced mounting pressure from Donald Trump to implement aggressive cuts.This decision follows a Justice Department investigation into Jerome Powell regarding his testimony on a $2.5 billion building renovation, which the chair characterized as political intimidation.While the search for a successor begins with candidates like Rick Rieder, the central bank remains divided over whether to lower borrowing costs while inflation stays above the 2% target.