WASHINGTON (AP) — The Federal Reserve will continue to wait and see how the economy evolves before deciding whether to reduce its key interest rate, Chair Jerome Powell says, a stance directly at odds with President Donald Trump’s calls for immediate cuts. Powell said Tuesday that the economy is in a good position and that the Fed needs to learn more before adjusting rates. Powell is facing two days of what could be tough grilling on Capitol Hill, as Trump has repeatedly urged the Fed to reduce borrowing costs.
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