Watch live: Fed's Powell gives first remarks under new Trump admin

Federal Reserve Chair Jerome Powell is holding a press conference Wednesday afternoon, the first since President Trump began his second term.

Powell, who is expected to serve out the rest of his term, indicated late last year that the Fed will likely reduce rates more slowly in 2025 amid a "new phase." While 2024 saw three consecutive rate cuts, rates are expected to remain unchanged Wednesday.

The central bank's expected decision to pause cuts is likely to cause tension with the new administration. Following his election victory, Trump declared that interest rates were still too high, pledging to lower rates and prices.

The press conference is scheduled to begin at 2:30 p.m. EST.

Watch the live video above.

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