President Donald Trump and Treasury Secretary Scott Bessent want lower interest rates so they can lower the financing costs of America’s massive debt. The net interest on the debt for fiscal year 2025 is on track to hit $1 trillion.
Federal Reserve Chair Jerome Powell has resisted daily lambasting from Trump to cut rates. Powell wants to first wait and see how Trump’s tariff policies impact consumer price inflation. Moreover, with unemployment moderately low, the CPI rising at an annual rate of 2.7 percent, and the stock market at all-time highs there is no compelling reason to cut rates.
Nonetheless, Trump’s had enough of Powell’s…
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