--- title: Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts | TIME description: The Federal Reserve left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut. canonical: https://time.com/video/txOKweLo/ og:title: Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts og:description: The Federal Reserve left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut. og:url: https://time.com/video/txOKweLo/ og:image: https://cdn.jwplayer.com/v2/media/txOKweLo/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts twitter:description: The Federal Reserve left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut. twitter:image: https://cdn.jwplayer.com/v2/media/txOKweLo/poster.jpg?width=720 --- * Politics # Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts [Watch (HLS stream): Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts](https://cdn.jwplayer.com/manifests/txOKweLo.m3u8) (2:14)  _Published 2025-07-30. The Federal Reserve left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut._ --- Jul 30, 2025 9:20 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point](/video/udX0dXuW/) ### Federal Reserve Raises Interest Rates by a Quarter of a Percentage Point [Federal Reserve Cut Interest Rates for Third Time This Year, Hints It Won't Cut Again Soon](/video/2YNZC62l/) ### Federal Reserve Cut Interest Rates for Third Time This Year, Hints It Won't Cut Again Soon [Fed Leaves Key Interest Rate Unchanged but Signals Possible Future Cuts](/video/fHCGbSKS/) ### Fed Leaves Key Interest Rate Unchanged but Signals Possible Future Cuts --- ## Transcript Mr. President, you said that higher interest rates are making it harder for veterans to refinance, but a stronger than expected GDP report this morning. What do you say to analysts who worry that lowering interest rates would actually lead to inflation? Well, if that happens then we just raise them. What you do is you lower them and let's see if there's inflation right now there's no inflation. Everybody thought there would be. All we have is billions of dollars of cash pouring into our country from other countries. That took advantage of us for many, many years. You know, they were taken advantage of. We were like the the stupid people that didn't know what they were doing. They took advantage of us. Other countries, friend and foe. And by the way, the friend was oftentimes much worse than the foe. When it comes to trade, we should be the lowest interest rate. And we're not. We're 38. Number 38 because of the fed. It's all because of the fed. He's done a bad job. Now he's got a meeting today, but I call him too late. You know, he's always too late. Despite elevated uncertainty, the economy is in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has been running somewhat above our 2% longer run objective. In support of our goals today, the Federal Open Market Committee decided to leave our policy interest rate unchanged. We believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments. Near term measures of inflation expectations have moved up on balance over the course of this year on news about tariffs, as reflected in both market based and survey based measures. Beyond the next year or so, however, most measures of longer term expectations remain consistent with our 2% inflation goal. At today's meeting, the committee decided to maintain the target range for the federal funds rate at four and a quarter to 4.5%, and to continue reducing the size of our balance sheet. Changes to government policies continue to evolve and their effects on the economy remain uncertain. Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"Federal Reserve Leaves Interest Rates Unchanged as Trump Demands Cuts","description":"The Federal Reserve left its key short-term interest rate unchanged for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut. 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