Donald Trump renewed the call for Fed Chair Powell to cut rates ahead of today’s FOMC decision on potential interest rate reduction.
Donald Trump again urges Federal Reserve Chair Jerome Powell to reduce interest rates.
His most recent drive for a rate reduction occurred mere hours before the FOMC’s announcement regarding whether or not it would reduce the benchmark interest rate from between 4.25% and 4.5%.
Donald Trump Urges Powell, Federal Reserve To Reduce Interest Rates
During his speech at the Flagpole installation at the White House, the US President reiterated his call for the Federal Reserve to reduce interest rates.
He noted that this would enable the government to purchase debt at a significantly reduced cost.
The FOMC meeting is scheduled for today, as CoinGape previously reported.
Powell’s speech will be held at 2:30 pm ET, and a rate cut will be announced at 2 pm ET. CME FedWatch data indicates that there is a 99.9% likelihood that the Federal Reserve will maintain its interest rate at its current level.
Despite his advocacy for such a reduction, Donald Trump thinks that the Federal Reserve would not reduce rates today.
He also criticized Powell once more, asserting that the Federal Reserve Chair is not a “smart guy” and that he has performed poorly thus far.
The president also characterized the Fed Chair as too late, pointing out that two points should have already reduced interest rates.
He further stated that it would be beneficial if 2.5 points reduced rates.
Trump once more encouraged the Federal Reserve to significantly lower rates and pursue long-term goals.
Donald Trump has already disclosed that he has no intention of dismissing Jerome Powell, as CoinGape reported.
During the Flagpole installation, he disclosed that he addresses Powell by every name to persuade him to reduce rates; however, Powell continues to decline.
He also stated that he does not believe Powell’s decision is political but that the Fed Chair harbors animosity toward him.
Trump quipped about appointing himself to the Federal Reserve, asserting that he would perform a superior job than Powell and the Federal Open Market Committee (FOMC).