Federal Reserve Chair Jerome Powell said Wednesday President Donald Trump’s calls for lower interest rates won’t lead the central bank to change its rate decisions.

Federal Reserve Chairman Jerome Powell will answer questions from members of the Senate Banking Committee starting at 10 a.m. Eastern. Economists hope the lawmakers will press Powell on what he means when he said there is "no hurry" to cut the benchmark interest rate any further.

January inflation ran hot and the odds of Fed interest rate cuts fell as Consumer Price Index total CPI inflation accelerated to 3.0%, the highest rate since June 2024.

Surprisingly strong U.S. inflation in January stoked investor fears that a heating economy and looming tariffs could corner the Federal Reserve, undercutting interest rate-cut hopes and even raising the threat of a hike.