Summary
- President Trump urged the Federal Reserve for an immediate rate cut.
- He stated that a rate cut is necessary as U.S. economic growth could slow down.
- Trump criticized Fed Chair Powell and mentioned considering dismissal related to rate cuts.
Donald Trump, the President of the United States, urged the Federal Reserve (Fed) to cut interest rates immediately.
On the 21st (local time), Trump stated through Truth Social, "Prices in the U.S., including energy and groceries, are on a downward trend. In fact, inflation does not exist," and added, "The always late loser (Fed) must cut rates right now." He continued, "If rates are not cut, U.S. economic growth could slow down," and noted, "Europe has already cut rates seven times."
He also raised criticism towards Jerome Powell, the Fed Chair. He said, "Powell has always acted late, except during the election period when he quickly lowered rates," criticizing that "it was to help the election of former President Joe Biden and Kamala Harris."
Meanwhile, according to Kevin Hassett, Chairman of the National Economic Council (NEC), President Trump is considering dismissing Fed Chair Powell in relation to the rate cuts.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
