Why the Fed is keeping rates steady for now

By Home - CBSNews.com Jun 25, 2025 | 9:01 PM

In two days of congressional testimony, Federal Reserve Chair Jerome Powell defended his decision to keep interest rates steady and vowed Fed policy wouldn’t be influenced by President Trump’s pressure. Jo Ling Kent has more.

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BREAKING THE BUDGET IMPASSE

What should be done to break the impasse in approving Pennsylvania’s budget?

Increase income taxes to pay for more spending.

Draw down the state's rainy day funds to pay for more spending.

Tax the so-called "skill games" machines to pay for more spending.

Legalize recreational marijuana to pay for more spending.

We don't need more spending, we need less! No new taxes!

We do need to increase spending on some programs, but there's plenty of wasteful spending we should cut. No new taxes!

Voting Ends: Oct 7, 2025 | 12:00 PM

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Why the Fed is keeping rates steady for now