Powell gets congressional support, Trump urges limited rate cuts

President Trump urged Powell to cut interest rates, and the latter received support from members of Congress. Federal Reserve (FED) Chairman Powell said on Tuesday that members of Congress privately told him that although Trump accused Powell and the Federal Reserve (FED) of not cutting interest rates, the Federal Reserve (FED) is doing the right thing on Interest Rate. When testifying before the House Financial Services Committee, Powell was asked if he heard from “bipartisan” members that Interest Rate should be lowered. Powell replied, “I have had many private conversations with members of Congress, and they say you are doing the right thing. I have heard many members say that to me privately.”