by Ben Whedon
The Federal Reserve on Wednesday announced a 0.25% interest rate cut, marking the first such move since President Donald Trump returned to the White House.
Chairman Jerome Powell had been hesitant to make such a move, despite public urging from Trump. The move lowered the Fed rate from 4.25% to 4.00%, USA Today reported.
The Fed has not cut rates since late 2024. While the move is a win for Trump, he is unlikely to be satisfied with Powell, whom he has dubbed “too late” Powell due to his hesitance to lower rates.
Last month, Trump pressured Powell to lower the interest rates.
“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!” the president stated.
Trump suggested in July that he would like to see interest rates cut to 1 percent.
“I think we should be paying 1% right now, and we’re paying more because we have a guy who suffers from, I think, Trump Derangement Syndrome,” Trump added, according to Reuters.
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Ben Whedon is a reporter for Just the News. Zachery Schmidt is the digital editor of The Star News Network and contributed to this story.
Looks like the public pressure finally overcame the Fed’s reluctance to give President Trump a break. Where do they dig up these so-called economic leaders? You know, those like the current one and “the inflation is transitory” Yellen.