President Donald Trump declared Thursday that the United States is officially “back” and called on the Federal Reserve to lower interest rates.
Trump took to Truth Social to tout record highs in the stock market and in the crypto universe, where Bitcoin reached an all-time high this week, as well as a lack of inflation.
“Tech Stocks, Industrial Stocks, & NASDAQ, HIT ALL-TIME, RECORD HIGHS! CRYPTO, ‘Through the Roof.’ NVIDIA IS UP 47% SINCE TRUMP TARIFFS. USA is taking in Hundreds of Billions of Dollars in Tariffs. COUNTRY IS NOW ‘BACK.’ A GREAT CREDIT! ” Trump wrote in part, before calling for lower rates.
“FED SHOULD RAPIDLY LOWER RATE TO REFLECT THIS STRENGTH. USA SHOULD BE AT THE ‘TOP OF THE LIST.’ NO INFLATION!!!” he added.
Trump has repeatedly called out Federal Reserve Chairman Jerome Powell, accusing him of keeping interest rates high, but the Fed has declined to lower them to this point despite persistent pressure from the president.
Powell has previously cited concerns of potential inflation from Trump’s tariff policies, which have thus far been unrealized.
Trump, who has dubbed the Fed chair “Too Late Powell,” called him out again in a follow-up post Thursday.
‘Too Late’ DEMEANS THE GREAT CREDIT OF THE USA. We are now, again, the Number One Credit in the World! ‘Gigantic Comeback,’” Trump wrote. “The Fed Rate should be reflective of this. We should be at the top of the list!!! LOWER THE RATE!!!”
In June, the Fed held its benchmark interest rate in the 4.25-4.5 percent range. This followed cuts of 50 basis points in September and 25 basis points in November and December, as Breitbart News Economics Editor John Carney noted in mid-June:
Although inflation has been running below the Fed’s two percent target in recent months, Fed officials have signaled they remain cautious. At last week’s meeting, the Fed raised its inflation forecasts and maintained its projection of two rate cuts in 2025, the same number forecast in March. Chair Powell said that while recent data had shown “modest further progress,” the Fed would need “greater confidence that inflation is moving sustainably toward 2 percent” before easing policy further.
Data released later in June showed inflation cooled in the month of May, as Carney pointed out.
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