Trump urges Powell to cut interest rates as the latter is supported by lawmakers

Federal Reserve chairperson Jerome Powell said on Tuesday that members of Congress had told him privately that the Fed was "doing the right thing" on interest rates despite Mr. Trump's accusations that Mr. Powell and the Fed had not cut rates, and in testimony before the House financial services committee, Mr. Powell was asked if he had heard from people "on both sides of the aisle" that rates should be lowered. Mr. Powell replied: "I've spoken to a lot of members in private and they say you're doing the right thing. I've heard a lot of them in private."