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despite mounting and persistent pressure from the White House calling for the federal reserve to slash interest rate HM and Jerome Powell held keep interest rates steady on Wednesday the feds lending rate has remained in the two and a quarter to two and a half percent range since December Powell pointed to a solid economy sprinkled with a few pockets of weakness for maintaining a pledge to remain patient offering few hits and whether he thinks the next rate move will be up or down economic growth and job creation have both been a bit stronger than we anticipated overall the economy continues on a healthy path in the committee believes that the current stance of policy is appropriate Powell also believes the US economy is benefiting from reduced global risks specifically when it comes to Bridget and easing trade tensions between Washington and Beijing but some on Wall Street are betting the fed will have to cut rates before the year is out why they focus on the face admission Wednesday that inflation remains stubbornly low but Powell said he thinks inflation will eventually heat up that spooked investors erasing all of Wednesday's gains on Wall Street the stock market has rebounded sharply since the end of last year but that's been little consolation to president trump who want the fed to slash rates by a full percent but the presence which is not a top priority says the veggie we are a non political institution and that means we don't think about short term political considerations we don't discuss them and we don't consider them in making our decisions one way or the other what the fed does consider is how strong or how weak economy is there will get an update on that Friday with the latest hiring and unemployment figures are released