The White House is looking for any possible way to discredit Jerome Powell right now," said Stephen Moore, an informal Trump economic adviser.

Some investors had clung to a bit of hope that the Federal Reserve would cut interest rates at its next meeting on July 30. Tuesday's report on inflation brought the chances of that down even further.

U.S. stocks are shaky after President Donald Trump said he had talked about the concept of firing the head of the Federal Reserve.

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

WASHINGTON (TNND) — President Donald Trump is once again putting public pressure on Federal Reserve Chair Jerome Powell, calling for interest rate cuts amid signs of a cooling labor market. But while rate cuts have been projected for months, the Fed hasn’t moved since December of 2024, and Powell doesn’t seem ready to cave just yet.

The average rate on 30-year fixed home loans increased to 6.72% for the week ending July 10, up from 6.67% last week.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

President Trump said it was "highly unlikely" he would fire Jerome Powell, but also said he discussed the idea with Republican lawmakers who expressed support.

Although interest rates and unemployment have an indirectly inverse relationship, that relationship can be clouded by broader factors in the labor market.

U.S. President Donald Trump says the Federal Reserve should set its benchmark interest rate at 1% to lower government borrowing costs, allowing the administration to finance the high and rising deficits expected from his spending and tax-cut bill,