The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

Policy is rightly locked on hold over the near-term in part because the uncertainty surrounding the Trump administration’s tariff regime remains unusually high.

Trump, who has repeatedly slammed Powell over his unwillingness to slash interest rates, added that his nemesis “should resign immediately” if the investigation proves he misled

But their presence made a lot more sense when the new commissioners spoke up — and promptly took aim at one of Trump’s political foes, Federal Reserve Chair Jerome Powell. Powell has resisted Trump’s demands to lower interest rates.