NPR - President Trump is criticizing the Federal Reserve for not cutting interest rates, even as his tariffs make that more difficult. Yesterday, while speaking with reporters in the Oval Office, Trump suggested that there’s a groundswell of people demanding lower rates. So far, most of that pressure is coming from the president. In a social media post, Trump said that Fed Chairman Jerome Powell’s “termination cannot come fast enough.”
Powell insists he plans to complete the remainder of his term as Fed chairman, which runs through May 2026. He
also says Trump has no legal authority to fire him over a disagreement
about interest rates. NPR’s Scott Horsley says during the Nixon era, the
Fed bowed to White House pressure to lower interest rates, resulting in stubbornly high inflation,
which lasted the better part of a decade. Fighting inflation has been
complicated by Trump’s tariffs, which are pushing up prices and making
everything the U.S. imports more expensive.
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