Trump Urges Fed Chair Powell to Cut Rates ‘Meaningfully’
Trump slams Fed Chair Powell as “too late” and demands a meaningful interest rate cut to support the U.S. economy.
- Trump criticizes Fed Chair Powell for delayed action.
- Calls for a “meaningful” cut in interest rates.
- Monetary policy could become a key 2024 election issue.
Trump Pressures Fed on Interest Rates
Former U.S. President Donald Trump has once again taken aim at Federal Reserve Chairman Jerome Powell, this time calling him “too late” in responding to economic pressures. Trump’s latest remarks come amid growing speculation that the Fed may begin lowering interest rates in 2024, a move markets are eagerly anticipating.
Speaking out, Trump insisted that Powell should not only cut rates but do so “meaningfully.” This language suggests the former president wants aggressive monetary easing — a sharp shift from the Fed’s current cautious stance. Trump has long been a vocal critic of Powell, even during his own presidency, often accusing him of being slow to react to economic shifts.
Rate Cuts and the 2024 Election
As the 2024 presidential race heats up, monetary policy is becoming a political talking point. Trump’s comments hint at his strategy to tie economic performance directly to the decisions of the Federal Reserve — and by extension, the Biden administration.
If the Fed does move to cut interest rates, it could stimulate borrowing and spending, potentially boosting markets and job growth. But Trump appears to be laying the groundwork to claim any improvement as a result of his own pressure on Powell.
The Fed’s Balancing Act
Chairman Powell and the Federal Reserve have maintained a cautious tone, emphasizing the need to keep inflation under control before reducing rates. Despite cooling inflation numbers, the Fed is signaling that any rate cuts will be gradual and data-dependent.
Trump’s call for “meaningful” cuts challenges this approach, pressuring the Fed to act faster — and possibly deeper — than it otherwise would. Whether Powell responds or sticks to his timeline remains to be seen, but the political stakes are rising.
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