President Trump advocated for the central bank to reduce interest rates now that inflation has stopped.
President Donald Trump and Federal Reserve Chair Jerome Powell met in person at the White House last week for the first time since the beginning of the president’s second term. The Fed chair discussed the reasoning behind holding the national bank interest rate at the same level for the last nine months. President Trump has been advocating for more and larger cuts to the federal interest rate to stimulate the economy.
The central bank stated that the president and chairman discussed the economy and emphasized that the latter made no commitments on the trajectory for rates, “except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.”
Central bank policymakers “will make those decisions based solely on careful, objective, and non-political analysis,” the Federal Reserve stated.
Though President Trump has expressed frustration over the Federal Reserve not lowering interest rates due to lack of inflation, calling it a “mistake,“ he also said he will not remove Chairman Powell before his current term as chair ends next year.
As the Lord Leads, Pray with Us…
- For President Trump as he advocates for the central bank to reduce the interest rate.
- For Chairman Powell and members of the Federal Reserve Board to be discerning about the status of inflation and employment.
Sources: Politico, AP News, MSN