The US Federal Reserve kept interest rates unchanged at 4.25–4.5% on 18 June, stressing inflation remains sticky and economic risks, especially from Trump's new tariffs, cloud the outlook. While some policymakers hinted at cuts later in 2025, the Fed maintained a cautious tone, reinforcing its data-driven stance. Former President Trump lashed out at Chair Jay Powell for not cutting rates, claiming his decisions are 'costing America billions'. Trump's criticism, echoing calls for stimulus, clashes with the Fed's inflation concerns. Markets reacted with caution: the S&P 500 slipped, the Dow edged lower, and bond yields nudged up as traders pushed back expectations for cuts.