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Former U.S. President Trump called for the Fed to cut interest rates again on July 28, sparking discussions about the independence of monetary policy. Trump believes that, despite the current strong performance of the U.S. economy, cutting interest rates would lead to even greater prosperity. However, Fed Chairman Powell seems to disagree with this viewpoint.
Currently, the Fed's benchmark interest rate remains in the target range of 4.25% to 4.50%. Trump hopes to significantly lower it to 1% to reduce the federal government's borrowing costs. However, the Fed, led by Powell, adheres to its independent decision-making authority and refuses to yield to political pressure.
Powell's term will last until May 2026. Despite Trump expressing dissatisfaction multiple times and even threatening to remove Powell from his position, the Fed chairman's stance seems to remain unshaken. This situation highlights the importance of central bank independence and the complex relationship between monetary policy and politics.
Economists generally believe that excessive rate cuts may pose inflation risks and could distort market signals. However, supporters of rate cuts argue that moderate interest rate adjustments can stimulate economic growth, especially in the context of uncertainty in the global economy.
Regardless, the debate over monetary policy will undoubtedly continue to influence the economic direction of the United States and the world. Investors and policymakers will closely watch the Fed's next actions, as well as the reactions from political figures like Trump.