Federal Reserve obliges Trump, cuts interest rates for the third time this year
Photo by Chip Somodevilla/Getty Image
In search of someone suitable to replace Fed Chairman Jerome Powell, whose term ends in May, the president has been interviewing various candidates, including Christopher Waller and Michelle Bowman, both members of the Federal Reserve Board of Governors; former Fed governor Kevin Warsh; and BlackRock fixed-income chief Rick Rieder. Top White House economic adviser Kevin Hassett is, however, reportedly regarded as the frontrunner.
The president told reporters on Air Force One on Tuesday, “We’re going to be looking at a couple of different people, but I have a pretty good idea who I want.”
When asked in his interview with Politico the previous day whether it is “a litmus test that the new chair lower interest rates immediately,” Trump said yes and noted, “We’re fighting through interest rates.”
The Federal Reserve also released on Wednesday its regional bank presidents and governors’ quarterly set of economic projections. They anticipate a rise in the unemployment rate from 4.4% in September to 4.5% by year’s end; the GDP to grow by 2.3% in 2026; and inflation to sink, but nowhere below their 2% target.
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