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Jay Powell strikes hawkish tone as Fed defies Donald Trump’s calls for rate cut

Two members of the US central bank’s voting committee dissent from decision not to lower borrowing costs

The Federal Reserve has signalled that it could hold rates steady at least through September as it defies Donald Trump’s repeated calls for the central bank to dramatically lower borrowing costs.

The central bank left borrowing costs unchanged at 4.25 per cent to 4.5 per cen