US President Donald Trump on Wednesday called for cutting interest rates, his latest intervention on a policy that is set by the independent US central bank.
“Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!!” he wrote in an early morning post to his Truth Social account, adding “Lets Rock and Roll, America!!!”
Trump has no direct control over the Federal Reserve but this is not the first time he has demanded a rate cut since returning to the White House in January. He also frequently pressured the central bank during his first term in office.
His latest comment comes after Fed Chair Jerome Powell said there was no need to be “in a hurry” lowering rates as policymakers keep a close eye on inflation — something that many economists believe Trump’s sweeping new trade tariffs will exacerbate.
Trump instituted 25 percent tariffs Monday on all imported steel and aluminum. He has also threatened widespread duties on goods from all the top US trading partners, measures that would likely drive up prices in the United States.
The Fed is an independent body, giving Trump little direct influence.
However, he has stunned Washington with a series of unprecedented moves in his first three weeks in office aimed at bolstering the power of the executive while ignoring Congress, where his deeply loyal Republican Party holds a narrow majority.