Trump Suggests Fed Chair Powell May Be Open to Interest Rate Cut
Former U.S. President Donald Trump signaled Friday that Federal Reserve Chair Jerome Powell might be open to lowering interest rates, following what Trump described as a "very good" meeting between the two men.
The meeting, which took place Thursday during a rare visit by Trump to the Federal Reserve's Washington headquarters, focused on the ongoing renovation of two main buildings, an initiative that has drawn criticism from Trump and the White House over its high cost.
The Fed, for its part, acknowledged the visit and expressed appreciation for Trump's support in completing the renovation project.
Speaking to reporters Friday, Trump highlighted the discussion as 'very positive,' particularly in relation to monetary policy. 'We had a very good meeting… I think we had a very good discussion about interest rates,' Trump told reporters.
While Powell has maintained a cautious stance, emphasizing the need to wait for more economic data before adjusting rates, Trump has continued to press publicly for immediate cuts. According to Reuters, Trump used the opportunity to renew his call for the Federal Reserve to reduce rates in order to stimulate growth.
The Federal Reserve is widely expected to hold its benchmark interest rate steady at 4.25% to 4.50% following its upcoming two-day policy meeting. Powell has consistently indicated that the Fed will remain data-dependent, particularly amid mixed signals from the U.S. economy.
The central bank issued a statement Friday thanking Trump for his encouragement regarding the facility upgrades, saying it "looks forward to the project's completion."
This encounter marked one of the few direct interactions between Trump and Powell since Trump left office, and it comes at a time of increased political scrutiny over the Fed's role in managing inflation and supporting growth as the U.S. heads into an election year.
While Powell's public comments suggest no immediate rate cuts are planned, Trump's remarks have fueled speculation that political pressure on the central bank could intensify in the coming months.
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