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2025-03-20 Home Front: Politix
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Donald Trump demanded the Federal Reserve 'do the right thing' and cut interest rates after Chair Jerome Powell said they were going to hold steady.
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[Daily Mail, where America gets its news] Donald Trump demanded the Federal Reserve 'do the right thing' and cut interest rates after Chair Jerome Powell said they were going to hold steady.
The president believes lower rates will help ease the transition to his tariffs against Canada and Mexico. Retaliatory tariffs are coming from the United States on April 2.
Trump criticized Powell and the Federal Reserve in a post to Truth Social on Wednesday night.
'The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy. Do the right thing. April 2nd is Liberation Day in America!!!'
On April 2, Trump will implement 'retaliatory tariffs' to offset the import taxes and non-tariff barriers of all trading partner countries.
Lower rates make it cheaper for businesses to borrow money but crucially it also cuts borrowing costs for ordinary Americans, who then have more to spend on goods and services.
Trump believes that this combined with his tariff plans will make the American economy soar to new heights.
Powell did say on Wednesday that they planned to cut rates twice later this year but not in time for Trump's proposed 'Liberation Day.'
Since taking office, Trump has moved to radically redraw global trade flows, already imposing a 20% increase in import duties on goods from China and 25% tariffs on goods from Canada and Mexico that do not comply with U.S.-Mexico-Canada Agreement trade rules.
He has also fully restored 25% tariffs on global steel and aluminum imports.
At the moment, the policy signal from Trump's tariff plans is unclear, but much would depend on how quickly any tariff-related inflation moved through the economy, and whether inflation expectations stay well-anchored.
He said recent strong inflation readings during the last two months were unexpected but may be due to people buying ahead of tariffs.
The Fed will try to trace those effects, but there is a lot of 'noise' surrounding announcements of tariffs being put on and delayed.
The Federal Reserve has held interest rates steady, but said it still plans to cut them twice later in 2025.
But officials said they inflation is still not under control, and they also revised down growth forecasts - in both cases blaming Trump's policies such as tariffs.
The central bank's decision keeps the benchmark rate between 4.25 percent and 4.5 percent, as analysts expected. 
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