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American Focus > Blog > Economy > Donald Trump tells Jay Powell the Federal Reserve is making a ‘mistake’ by not cutting US interest rates
Economy

Donald Trump tells Jay Powell the Federal Reserve is making a ‘mistake’ by not cutting US interest rates

Last updated: May 29, 2025 1:15 pm
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Donald Trump tells Jay Powell the Federal Reserve is making a ‘mistake’ by not cutting US interest rates
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Your guide to what Trump’s second term means for Washington, business, and the world

Donald Trump met with Federal Reserve Chair Jay Powell at the White House for the first time in Trump’s second term. During the meeting, Trump expressed his belief that Powell was making a mistake by not loosening US monetary policy. The discussion centered around economic developments, including growth, employment, and inflation.

The president has been pressuring the Fed to lower interest rates in response to the administration’s trade policies. Following the meeting, White House press secretary Karoline Leavitt stated that Trump voiced his concerns about the economic disadvantage the US faces compared to China and other countries due to the Fed’s reluctance to lower interest rates.

In response, Powell emphasized that monetary policy decisions would be based on incoming economic information and a non-political analysis. He reiterated the Fed’s commitment to supporting maximum employment and stable prices through objective decision-making.

Despite previous speculations about removing Powell from his position, Trump stated last month that he had no intention of firing him, calming market concerns about the Fed’s independence. The Fed has maintained its main interest rate steady since Trump’s second term began.

In a separate event, Powell addressed students at Princeton University, highlighting the importance of protecting democracy and describing American universities as a vital national asset. Central bank officials have cautioned that Trump’s policies could lead to slower growth and higher inflation, but they are monitoring the situation before making any adjustments to monetary policy.

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If Trump’s policies result in increased inflation, interest rates may need to remain higher for a longer period. However, if there is a negative impact on employment, lower interest rates may be necessary. As of now, the labor market remains strong, and inflation is stable.

The meeting between Trump and Powell underscores the complex relationship between the administration and the Federal Reserve, with economic policies and decisions impacting the broader global economy. Stay informed with the White House Watch newsletter for in-depth analysis and insights into the implications of Trump’s second term on Washington, business, and the world.

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