Fed’s Powell: “Details” of new president’s executive orders are being reviewed

Federal Reserve Chairman Jerome Powell said at a news conference following the central bank’s meeting that the longer-term inflation outlook appears stable.

The Fed left its key overnight interest rate unchanged in a range of 4.25% to 4.50% on Wednesday and gave little indication of future cuts in borrowing costs.

After months of largely unchanged inflation data, the U.S. central bank dropped the tone of its most recent statement when it said inflation had “made progress” toward the 2% target set by the Fed and noted only that the pace of price increases “remains elevated,” CNBC reported.

“I’m not going to comment on what President Trump said,” Powell said of the president’s recent call for the Fed to cut rates.

Powell added that the Fed is reviewing “details” of the new president’s executive orders.