President Trump has been vocal about his dissatisfaction with the Federal Reserve, consistently urging the central bank to cut interest rates more aggressively.
“Interest Rates should be lowered, something which would go hand in hand with upcoming Tariffs!!!,” Trump expressed on Truth Social last month, adding: “Let’s Rock and Roll, America!!!”
However, it seems the Fed plans to take a different route this Wednesday by keeping rates unchanged despite rising prices and slowing economic growth—a decision that is likely to irk Trump.
The tension stems from Trump’s tariffs, set to expand starting April 2. The White House argues these protectionist measures will rejuvenate American manufacturing and lessen reliance on imports. Yet, economists warn that Trump’s approach could spark a prolonged global trade war, severely damaging the U.S. economy.
On Tuesday, Fitch Ratings downgraded its U.S. growth forecast for this year from 2.1 percent to 1.7 percent, citing Trump’s tariffs and the considerable uncertainty surrounding them as key contributors to a potential economic slowdown and a short-term surge in prices.
This uncertainty may halt any rate cuts from the Fed, potentially straining the already rocky relationship between Trump and Jerome H. Powell, whom he appointed as the Fed Chair in 2017. During his first term, Trump labeled Powell as an “enemy” and called the Fed officials “boneheads” while pressuring them to lower interest rates drastically. Trump even contemplated firing Powell, raising concerns about the White House potentially compromising the Fed’s political independence.
After returning to office, Trump resumed his criticism, insisting on an immediate rate cut. Elon Musk, one of his prominent advisers, backed the idea of auditing the central bank. When the Fed decided to maintain the current rates at its last meeting, Trump accused Powell and the Fed of failing to tackle the inflation issue they supposedly birthed.
“If the Fed had spent less time on DEI, gender ideology, ‘green’ energy, and fake climate change, Inflation would never have been a problem,” Trump posted on Truth Social.
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