Federal Reserve System, Presidency of Donald Trump
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Jerome Powell, Trump and lower rates
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The U.S. economy added 147,000 jobs in June, beating analyst expectations, the Bureau of Labor Statistics reported.
JPMorgan Chase CEO Jamie Dimon said on Thursday he thought the financial market was underestimating the possibility of U.S. interest rates climbing higher, a prospect he described as a "cause for concern".
Trump hopes to get lower rates by replacing Fed Chair Jerome Powell with someone who would do what the president wants. But Powell’s term as chair does not end until May 2026. He’s insisted he won’t resign early.
Mr. Pollock is a Senior Fellow at the Mises Institute, the author of 'Finance and Philosophy--Why We’re Always Surprised' and co-author of 'Surprised Again! The Covid Crisis and the New Market Bubble.'
Federal Reserve Chair Jerome Powell said the central bank would have likely already moved to lower borrowing costs if it weren't for worries that tariffs would drive up inflation.
The average rate on 30-year fixed home loans decreased to 6.67% for the week ending July 3, down from 6.77% last week.
The Federal Reserve cut interest rates in 2024 after having raised them 11 times throughout 2022 and 2023 to combat inflation, but savings rates still haven't substantially declined.
Policy is rightly locked on hold over the near-term in part because the uncertainty surrounding the Trump administration’s tariff regime remains unusually high.