The US Federal Reserve voted to hold interest rates on Wednesday despite White House pressure to lower borrowing costs.
The Fed said it will keep its key lending rate between 3.5% to 3.75%, stating that economic activity in the US “has been expanding at a solid pace”.
There are signs the employment market is stabilising - job creation is sluggish but the unemployment rate has ticked lower. Policymakers are continuing to monitor the effect on the economy of three interest cuts last year.
Trump is soon expected to announce a replacement for Fed chair Jerome Powell, whom the president has frequently criticised for not reducing interest rates quickly enough.
Two Fed officials voted in favour of an interest rate cut - Stephen Miran, who is on leave from his post at the White House where he leads Trump’s Council of Economic Advisers, and Christopher Waller, a Trump appointee whose name has been floated as contender to succeed Powell.
Come on, drop the rate, and collapse the US economy with runaway inflation.
Dropping the rate a quarter point isn’t going to produce run away inflation.
But climate change drying up the Colorado River and decimating the US West’s agricultural industry might.
Correct, but the orange moron probably wants to drop it to zero.
In an interview with The Wall Street Journal in December, Trump said within a year he wants interest rates to be “1% and maybe lower than that.”
So you’re not far off.
Fuck you too then