U.S. President Donald Trump continues to press Jerome Powell and the Federal Reserve to cut interest rates, as inflation data remains subdued despite his aggressive tariff policy. While Trump continues to press for lower rates, he said he won't fire Powell.
"We're going to spend $600 billion a year because of one numbskull that sits here," Trump said. "Cut your rates now, there's no inflation."
Trump suggested the Fed cut interest rates by two full percentage points, which could save the U.S. up to $900 billion. This is larger than his past ask for a one percentage point cut from the Fed. The current Fed funds rate is at 4.25-4.5%.
The comments from the president follow the release of CPI and PPI data this week, which were both lower than economists had expected.
"The fake news is saying, ‘Oh, if you fired him, it would be so bad, it would be so bad.' I don't know why it would be so bad, but I'm not going to fire him," Trump said at a bill signing at the White House on Thursday.
"We call him ‘Too Late,' right?" Trump joked, referring to the nickname he has given Powell.
Trump added that if inflation were to pick up in the future, he would have no problem with the Fed raising rates.
"Let's say there was inflation. In a year from now, raise your rates. I don't mind, raise your rates. I'm all for it. I'll be the one to be calling you," Trump said. "He'll be too late for that too.
Source: Investing.com
The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's (ISM) Manufacturing Purchasing Managers' Index (PMI) ...
Many people in China cheered the meeting Thursday between President Xi Jinping and U.S. President Donald Trump, after months of escalating bilateral tensions. Every time the two leaders meet, it help...
The European Central Bank (ECB) announced on Thursday (October 30th) that it kept its key interest rates unchanged after its October policy meeting, as expected. This decision leaves the main refinanc...
Business activity in the United States' (US) private sector expanded at a healthy pace in October, with the S&P Global Composite Purchasing Managers' Index (PMI) improving to 54.8 in the flash est...
The annual inflation rate in the US rose to 3% in September 2025, the highest since January, from 2.9% in August and below forecasts of 3.1%. The energy index increased 2.8% and the food index increas...
The US dollar held near a three-month high on Tuesday (November 4th) as a divided Federal Reserve prompted traders to reduce their bets on a rate cut, while the Japanese yen strengthened after a verbal warning from Tokyo officials. The pound...
Oil prices fell over 1% on Tuesday as OPEC+'s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude futures fell 82 cents, or around 1.3%, to...
Gold held steady amid disagreements among three Federal Reserve policymakers over the next interest rate cut next month, with the U.S. dollar trading near its highest level in months. The price of bullion held near $4,000 an ounce, after...
Asian stocks opened lower on Tuesday, reversing Wall Street's rally fueled by Amazon's massive $38 billion deal with OpenAI. Stock markets in South...
Asian stock markets moved mixed on Monday, November 3, 2025. Japan led the gains: the Nikkei 225 remained near its record high of around 52.4...
European stocks opened slightly higher in November, with the STOXX 50 and STOXX 600 gaining 0.2%, after closing near record highs in October....
The economic activity in the United States' (US) manufacturing sector continued to contract in October, with the Institute for Supply Management's...