Inflation has fallen sharply and as a result Fed officials have signaled they will cut rates by as much as a half-percentage point this year. Yet it has picked up a bit in the last two months and many of those policymakers, including Powell, still want to make sure that tariffs aren’t going to lift inflation much higher before they make a move.

Did Jerome Powell write a July 22, 2025, letter informing President Donald Trump of his resignation as Chairman of the Federal Reserve? No, that's not true: A widely-shared screenshot of such a letter was in fact a fake,