Federal Reserve holds interest rates, defying Trump’s demand to lower them

Hours before the decision, the president called the Fed's chair, Jerome Powell, stupid' for anticipated rate hold

The US Federal Reserve kept interest rates on hold, but signaled it might make two cuts this year, as Donald Trump continues to break with precedent and demand lower rates.

Policymakers at the American central bank lifted their projections for inflation this year, as the US president stands by his controversial tariff plans, and downgraded their estimates for economic growth.