Fed leaves interest rates unchanged in defiance of Trump’s calls for cuts

Chair had said he’d leave after inquiry into building renovations but now says there are ‘remaining steps in the process’ he’s watching

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The US Federal Reserve chair, Jerome Powell, is staying on the central bank’s rate-setting board after his term as chair ends in May, a contentious move that signals continued uncertainty at the Fed.

Powell made the announcement after the Fed board left interest rates unchanged for the third time this year on Wednesday, despite Donald Trump’s continued demands for interest rate cuts.