Federal Reserve Chair Jerome Powell on Tuesday stuck to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump's tariffs effect the economy,

US President Donald Trump has demanded that Federal Reserve Chairman Jerome Powell “resign immediately”. Mr Trump appointed Mr Powell, who leads America’s equivalent of our Reserve Bank, during his first term, but has since soured on him. He’s repeatedly expressed frustration at the Federal Reserve for not cutting interest rates.

The central bank chief said he believes the Fed board would have decided to lower rates further until Trump launched his mercurial on-again, off-again tariffs policy, which could wind up raising