Donald Trump once again calls on Federal Reserve Chairman Jerome Powell to lower interest rates. His latest push for a rate cut comes just hours before the FOMC announces whether it will lower the benchmark interest rate between 4.25% and 4.5%.
The announcement of a rate cut will take place at 2:00 PM ET, followed by Powell's speech at 2:30 PM ET. It is likely that the Fed will keep interest rates unchanged, and CME FedWatch data also shows a 99.9% probability that this will happen.
Despite his insistence on a Fed rate cut, Donald Trump also believes that the Fed will not cut rates today. Additionally, he criticized Powell again, stating that the Fed chairman is not an intelligent person and emphasized that he has done a poor job so far.
The president also described the Fed chairman as too late, pointing out that interest rates should already be two points lower. He added that it would be positive for rates to drop by 2.5 points. Trump once again urged the Fed to drastically cut rates and then opt for a long-term approach.
He added that he does not believe Powell's decision is political, but rather that the Fed chairman simply hates him. Trump joked about self-proclaiming himself a member of the Fed, as he believes he would do a better job than Powell and the FOMC.
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