Fed keeps interest rates unchanged despite Donald Trump pressure

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• 00:00

  Hello and welcome to World Business Report here on the BBC World Service.

• 00:04

  I'm Rahul Tandon.

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  We're going to be talking about relations between the world's two great economies,

• 00:08

  China and the US, a little bit later in the programme.

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  But it's that day again, the one when the US central bank, the Federal Reserve,

• 00:16

  makes a crucial decision on its interest rate policy, which has huge implications,

• 00:20

  not just for the US economy, but the global economy as well.

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  Its chair, Jerome Powell, has been under intense pressure from President Trump to cut rates.

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  But the Fed chair said he would leave its key interest rate unchanged.

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  Why?

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  Here's some of his answer.

• 00:36

  I don't think we can say which way this will shake out.

• 00:40

  I think there's a great deal of uncertainty about,

• 00:42

  for example, where tariff policies are going to settle out.

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  And also when they do settle out,

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  what will be the implications for the economy, for growth and for employment?

• 00:51

  I think it's too early to know that.

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  So, I mean, ultimately,

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  we think our policy rate is in a good place to to stay

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  as we await further clarity on tariffs and ultimately their implications for the economy.

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