Trump Urges Powell for Another Rate Cut as Q2 Sees US Economy Exceeding Expectations

The US GDP report for the second quarter of the year showed an impressive annualized growth rate of 3% compared to last year. Following the release of this report, President Donald Trump once again urged the Federal Reserve to lower interest rates. The 3% increase in Q2, a significant rise from predictions of a modest 2%, is believed to be due to businesses scaling back on imports.

This economic growth strengthens Trump's push for a rate cut, following a 0.5% correction observed in Q1. Trump has been using this positive development to pressure Fed Chair Jerome Powell into reducing rates, a move that could potentially benefit the price of Bitcoin, which closely follows the macro developments in the world's largest economy.