The Fed kept the rate unchanged. But the show goes on 🍗

On June 18, the Fed maintained the rate, not giving the markets a signal for easing. The QT program (liquidity tightening) has also continued.

The wording is neutral, but the tone is getting tougher: Powell clearly indicated that the rate will not be lowered 'at Trump’s request'.

💬 Political background:

Trump once again lashed out at the head of the Fed, calling him a 'brake' and 'dull', demanded an urgent rate cut, and stated that he would have handled it better himself.

What did Powell respond?

• The rate remains,

• We are in no hurry to lower it,

• We await greater confidence that inflation is indeed decreasing,

• A new risk factor is the introduction of tariffs, which could drive prices up.

🔍 What does the Fed actually look at when making decisions?

• Inflation (CPI and Core CPI)

• Labor market (unemployment rate, non-farm payrolls)

• Economic growth rates (GDP)

• Personal Consumption Expenditures Index (PCE) — this is the main benchmark for inflation

Right now, all of this is in a borderline state — the numbers do not provide a clear reason for either easing or tightening.