Republican presidential nominee and former U.S. President Donald Trump holds a rally at Nassau Veterans Memorial Coliseum, in Uniondale, New York, U.S., September 18, 2024.
Brendan Mcdermid | Reuters
Republican presidential candidate Donald Trump said on Thursday the U.S. Federal Reserve’s decision to cut interest rates by half of a percentage point was “a political move.”
“It really is a political move. Most people thought it was going to be half of that number, which probably would have been the right thing to do,” Trump said in an interview with Newsmax.
The Federal Reserve on Wednesday kicked off what is expected to be a series of interest rate cuts with an unusually large half-percentage-point reduction.
Trump said last month that U.S. presidents should have a say over decisions made by the Federal Reserve.
The Fed chair and the other six members of its board of governors are nominated by the president, subject to confirmation by the Senate. The Fed enjoys substantial operational independence to make policy decisions that wield tremendous influence over the direction of the world’s largest economy and global asset markets.