Trump Pressured Powell Not to Cut Rates Before Election, Report

IconCryptoNewsTerminal Staff17 Jul, 2024

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Trump Pressured Powell Not to Cut Rates Before Election, Report

Donald Trump reportedly pressured then-Federal Reserve Chair Jerome Powell not to cut interest rates in the months leading up to the 2020 presidential election. According to the Financial Times, Trump expressed his concerns to Powell in private meetings and phone calls. The news highlights the potential for political interference in the Fed's monetary policy decisions. The Fed is generally expected to act independently, without regard to political considerations.