- Trump accused Fed Chair Powell of making politically motivated decisions on interest rates.
- He said Powell is considering interest rate cuts this year to help Democrats.
- Powell has emphasized he does not have a role in policymaking and will continue to weigh economic data.
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The head of the nation’s central bank isn’t getting former President Donald Trump’s stamp of approval.
On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell’s handling of the economy, particularly regarding interest rates. While Powell has previously maintained his position does not have anything to do with policymaking, Trump accused the bank’s chair of being “political,” and making decisions that will help Democrats in the upcoming elections.
“I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates,” Trump said, adding that “it looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected.”
This is the best summary I could come up with:
On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell’s handling of the economy, particularly regarding interest rates.
While Powell has previously maintained his position does not have anything to do with policymaking, Trump accused the bank’s chair of being “political,” and making decisions that will help Democrats in the upcoming elections.
Trump’s remarks come after the Federal Open Market Committee on Wednesday decided to continue its pause on interest rate hikes in its first move of 2024.
Powell has frequently emphasized that economic data will drive the committee’s interest rate decisions over the course of the year, and he said it’s important to move cautiously so as not to risk doing too little too soon.
However, some Democratic lawmakers have been urging Powell to consider cutting interest rates sooner rather than later to give Americans financial relief.
Elizabeth Warren, John Hickenlooper, Jacky Rosen, and Sheldon Whitehouse sent a letter to Powell saying that “interest rates are still too high for many American families, who already cannot afford to pay rent or buy their first homes.”
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