Republican Senators Press Fed’s Jerome Powell on Delay in Rate Cuts

‘Inflation in America is down,’ said Sen. Bernie Moreno (R-Ohio).

Fed Chair Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs during a hearing to “examine the Semiannual Monetary Policy Report to the Congress” on Capitol Hill in Washington on June 25, 2025. Kent Nishimura/Getty Images

Appearing before the Senate Banking Committee on June 25 for a second day of his semi-annual monetary policy report to Congress, Federal Reserve Chair Jerome Powell faced criticism from GOP lawmakers over the central bank’s failure to lower interest rates.

Repeating his position from the House Financial Services Committee hearing the day before, Powell told committee members that President Donald Trump’s sweeping global tariffs will likely raise inflation in the coming months.