Howard Lutnick stated that the US government is collecting over $30 billion per month in tariff revenue
Jerome Powell is currently taking a wait-and-see stance on rate cuts
In May, there was a record in US customs receipts – $23 billion
US Commerce Secretary Howard Lutnick shared a lengthy X post about interest rates, urging the central bank to lower them. He stated that the US government is collecting over $30 billion per month in tariff revenue, which he argues is a positive inflow that reduces Treasury borrowing needs.
Lutnick cites Jerome Powell’s testimony that tariff-driven inflation has not materialized in the past 2 and a half months, as he claims there is zero impact, and thus inflation remains under control.
He continues to argue, saying that given low inflation and high tariff revenues, the Fed should cut interest rates to lower federal borrowing costs, stimulate economic growth, and naturally reduce deficits.
Lutnick then criticized Powell for ignoring this formula and sided with US President Donald Trump’s call for rate cuts, accusing Powell of being afraid to act.
This response is directly referencing Powell’s testimony from J…
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