The Federal Reserve will likely keep its key short-term interest rate unchanged on Wednesday, despite weeks of harsh criticism and demands from President Donald Trump that the Fed reduce borrowing costs.
After causing a sharp drop in financial markets two weeks ago by saying he could fire Fed Chair Jerome Powell, Trump subsequently backed off and said he had no intention of doing so. Still, he and Treasury Secretary Scott Bessent have said the Fed should cut rates.
They argue that inflation has steadily cooled and high borrowing costs are no longer needed to restrain price increases. The Fed sharply ramped up its short-term rate in 2022 and 2023 as pandemic-era inflation spiked.
Trump is not supposed to have control over the Federal Reserve anyway.
Articles worded like this are giving Trump power he does not actually have. The Fed isn't defying anyone, they are independent.
Our media fucking sucks shit.
He doesn't have it yet.
History rhymes, and I do believe it will here too.