#FedWatch Today is the day, Trump vs Powell. Powell is likely to reiterate the data-dependent stance that the Fed has maintained in recent months. Given that inflation remains somewhat elevated (around 2.4%-3% according to the latest reports) and there is uncertainty about the impact of policies like the tariffs proposed by the Trump administration, the message could focus on balancing the risks between inflation and economic growth. Powell is expected to emphasize that there is no rush to cut rates, but that the Fed is prepared to act if conditions change.