#PowellRemarks Fed Chair Jerome Powell emphasized the Fed's commitment to its dual mandate—maximum employment and 2% inflation—while keeping rates steady at 4.25–4.5%, a fourth consecutive hold . He noted that inflation remains “somewhat elevated” and that uncertainty—especially around tariffs and geopolitics—remains high, guiding a cautious, data-driven approach . The Fed trimmed its GDP forecast to around 1.4% for 2025 and raised its inflation outlook to about 3%, acknowledging rising stagflation risks . Powell underlined that the Fed is essentially “flying blind,” waiting for more clarity on tariff impacts before considering rate cuts—likely not before September . Independence from political pressure was also highlighted amid criticism from the White House