Donald Trump Pushes For Interest Rate Cuts Ahead FOMC Decision Today

Donald Trump is again calling on the Fed Chair Jerome Powell to lower interest rates. His latest push for a rate cut comes just hours before the FOMC announces whether or not it will lower the benchmark interest rate from between 4.25% and 4.5%.

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Donald Trump Urges Powell & The Fed To Lower Rates

Speaking at the Flagpole installation at the White House, the US President again reiterated that the Fed should cut interest rates, noting that they would be able to buy debt for a lot less if this happens.

As CoinGape reported earlier, the FOMC meeting will take place today, with an announcement on a rate cut coming at 2 pm ET, followed by Powell’s speech at 2:30 pm ET. The Fed is likely to keep interest rates unchanged, with CME FedWatch data also showing that there is a 99.9% chance this would happen.


Source: CME FedWatch

Despite his insistence on a Fed rate cut, Donald Trump also believes that the Fed would not cut rates today. He also criticized Powell again, stating that the Fed Chair is not a ‘Smart Guy’ and remarked that he has done a poor job so far.

The president further described the Fed Chair as being too late, noting how interest rates should already be two points lower. He added that it would be nice if rates were 2.5 points lower. Trump again urged the Fed to get rates way down and then go for long-term.

As CoinGape reported, Donald Trump already revealed that he has no plans to fire Jerome Powell. At the Flagpole installation, he stated that he calls Powell every name to try to get him to cut rates, but he still refuses to do so.

He added that he doesn’t think Powell’s decision is political but that the Fed Chair simply hates him Trump joked about appointing himself to the Fed, as he believes he would do a better job than Powell and the FOMC.

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