The Globe and Mail reports in its Wednesday, June 25, edition that U.S. Federal Reserve chair Jerome Powell expressed that the central bank can be patient before cutting interest rates due to uncertainty surrounding President Donald Trump's controversial policies. A New York Times dispatch to The Globe reports that Mr. Powell, testifying before the House Financial Services Committee, stated the Fed is not in a hurry to make policy changes, as the labour market remains solid and inflation is elevated. Mr. Powell emphasized the need to wait for more information about the economy's path before adjusting the policy stance, following the decision to hold rates steady for the fourth consecutive meeting. He added during one exchange with a lawmaker: "It's just a question about being prudent and careful. We don't see weakness in the labour market. If we did, that would change things." He later told another lawmaker that if price pressures related to tariffs end up being less pronounced than feared, "that'll matter for our policy." Tensions are rising within the Fed as Mr. Trump pressures Mr. Powell to rapidly and significantly cut borrowing costs. Mr. Trump has referred to Mr. Powell as a "moron," a "dummy" and a "numbskull."