Powell rejected the possibility of a rate cut in July.

When asked whether the Federal Reserve is prepared to cut interest rates again at the next meeting in July, Federal Reserve Chairman Powell refused to answer the question during his testimony in Congress. Powell said, "I don't want to point to a specific meeting. I don't think we need to be too hasty." Republican Congressman Mike Lawler pressured Powell on why the Federal Reserve has not chosen to cut interest rates despite cooling inflation, echoing President Trump's criticism of the Federal Reserve Chairman.