The Federal Reserve voted to leave the benchmark interest rate between 4.25% and 4.5%, despite the economy&#8217;s &#8220;solid position.&#8221;
&#8220;For the time being, we are well-positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,&#8221; Federal Reserve Chair Jerome Powell <a href="https://www.youtube.com/watch?v=K-WAOqotRl8">said</a> in a press conference following the decision.
The Consumer Price Index rose 2.4% in May, up from 2.3% in April — its lowest point in four years, The Daily Wire previously <a href="https://www.dailywire.com/news/inflation-hits-lowest-point-in-over-4-years-as-april-report-better-than-expected?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Inflation+Hits+Lowest+Point+In+Over+4+Years+As+April+Report+Better+Than+Expected">reported</a>.
&#8220;Inflation remains somewhat elevated,&#8221; the Federal Reserve <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20250618a.htm">said</a> today in a press release. &#8220;Uncertainty about the economic outlook has diminished but remains elevated.&#8221;
Earlier today, President Donald Trump <a href="https://x.com/theMRC/status/1935336312086675879">said</a> the Federal Reserve &#8220;probably won&#8217;t cut.&#8221;
&#8220;We have a stupid person, frankly, at the Fed,&#8221; Trump said. &#8220;I guess he&#8217;s a political guy, I don&#8217;t know. He&#8217;s a political guy who&#8217;s not a smart person.&#8221;
Powell said the Federal Open Market Committee&#8217;s stance is &#8220;not complicated.&#8221;
&#8220;What everyone on the FOMC wants is a good, solid American economy with strong labor market and price stability, that&#8217;s what we want,&#8221; Powell said. &#8220;That&#8217;s what matters to us. That&#8217;s pretty much all that matters to us.&#8221;
Powell said the country could still see negative economic effects from tariffs.
&#8220;Expectations of that [tariff] level, and thus of the related economic effects, reached a peak in April and have since declined,&#8221; Powell said in a press conference following the decision. &#8220;Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity.&#8221;
The CPI has shown little impacts from Trump&#8217;s tariffs over the past three months, The Daily Wire previously reported. The index for food increased slightly compared to April, but the indexes for energy and gas decreased by 1% and 2.6%, respectively.
Powell said the Federal Reserve still expects to see impacts from tariffs this summer.
&#8220;It takes some time for tariffs to work their way through the chain of distribution to the end consumer,&#8221; Powell said. &#8220;We&#8217;re beginning to see some effects, and we do expect to see more of them over the coming months.&#8221;
But he said the ultimate effects of tariffs are &#8220;highly uncertain.&#8221;
Trump also said he would not reappoint Powell.
&#8220;I would have never reappointed him, Biden reappointed him,&#8221; Trump said. &#8220;He&#8217;s done a very poor job. So we have no inflation, we have only success, and I&#8217;d like to see interest rates get down.&#8221;
Despite maintaining interest rates, Powell said the economy shows no sign of weakening.
&#8220;The U.S. economy has defied all kinds of forecasts for it to weaken, really, over the last three years,&#8221; Powell said. &#8220;Eventually it will, but we don&#8217;t see signs of that now.&#8221;

Federal Reserve Chair Powell Holds Press Conference On Interest Rates

Federal Reserve Refuses To Cut Interest Rates

Economy

Federal Reserve

Jerome Powell

Tariffs

On Thursday morning, the day after the Federal Reserve voted to leave the benchmark interest rate between 4.25% and 4.5%, President Donald Trump targeted Federal Reserve Chairman Jerome Powell, calling him a “fool who doesn’t have a clue” while adding, “I like him very much!”
“‘Too Late’ Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and ‘eggs’) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF ‘TOO LATE!’ ENJOY!” Trump wrote on Truth Social.
<blockquote class="twitter-tweet">
“Too Late” Jerome Powell is a FOOL, who doesn’t have a clue. Other than that, I like him very much! Oil and Energy way down, almost all costs (groceries and “eggs”) down, virtually NO INFLATION, Tariff Money Pouring Into the U.S. — THE EXACT OPPOSITE OF “TOO LATE!” ENJOY!
From…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) <a href="https://twitter.com/TrumpDailyPosts/status/1920433381654909340?ref_src=twsrc%5Etfw">May 8, 2025</a></blockquote>
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The Fed stated that it doesn’t want to lower interest rates until economic forecasts — which have been in the doldrums since Trump announced his tariff policy — become brighter, adding that the “risks of higher unemployment and higher inflation have risen,” CNBC <a href="https://www.cnbc.com/2025/05/08/trump-calls-fed-chair-jerome-powell-a-fool-after-central-bank-keeps-rates-steady.html" target="_blank" rel="noopener">reported</a>.
“We are always going to do the same thing, which is we are going to use our tools to foster maximum employment and price stability for the benefit of the American people,” Powell — who was initially nominated to his post by Trump in November 2017, then reappointed by President Joe Biden — said. “We are always going to consider only the economic data, the outlook, the balance of risks and that’s it. That’s all we are going to consider.”
In February 2024, Trump said he would not reappoint Powell, whose term ends in May 2026, <a href="https://www.cnn.com/2024/02/02/economy/trump-reappoint-fed-chair-jerome-powell" target="_blank" rel="noopener">telling</a> Fox Business Network’s Maria Bartiromo, “It looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected, I don’t know. I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates.”
In mid-April, Powell <a href="https://www.nbcchicago.com/news/local/who-appoints-fed-chair-and-can-trump-fire-jerome-powell-what-to-know/3724729/" target="_blank" rel="noopener">told</a> the Economic Club of Chicago, &#8220;For the time being, we are well positioned to wait for greater clarity&#8221; on the impact of Trump’s policy changes. Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114352766082542122">responded</a> the next day, “The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”
On Sunday, Trump <a href="https://www.nbcnews.com/politics/trump-administration/read-full-transcript-president-donald-trump-interviewed-meet-press-mod-rcna203514" target="_blank" rel="noopener">spoke</a> of Powell on “NBC’s “Meet The Press,&#8221; saying Powell should lower interest rates, adding, “We are at a perfect time. It’s already late. But he should lower interest rates.”
When host Kristen Welker asked if he would rule out removing Powell, Trump replied, “I get to change him very quickly anyway.”
“You don’t have plans to remove him before 2026 when his time’s up?” Welker pressed.
“No, no, no. That was a total — why would I do that? I get to replace the person in another short period of time,” Trump answered.

MixCollage-08-May-2025-11-15-AM-5067

Fed Says It Won’t Lower Interest Rates. Trump Calls Powell A ‘Fool Who Doesn’t Have A Clue.’

Donald Trump

Executive

Inflation

Interest Rates

Politics

The Federal Reserve on Wednesday voted to hold interest rates steady while Chairman Jerome Powell warned that tariffs and trade wars are creating inflationary pressures.
“If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment,” Powell said at a <a href="https://www.youtube.com/watch?v=JB0ZL_52K74" target="_blank" rel="noopener">news conference</a>.
Powell also said that the economic picture in the United States is unclear. He said he does not know “which way this will shake out” whether to be concerned or not about U.S. economic growth.
“It’s really not at all clear what it is we should do,” said Powell.
The Fed’s vote on Wednesday will keep interest rates at 4.25 percent to 4.5 percent, where they have remained since December after some cuts to interest rates last year.
President Donald Trump has placed tariffs on dozens of countries, focusing particularly on top U.S. trading partners Canada, China, and Mexico. The tariffs and the White House messaging around them has sent the stock market into chaos at points over the past couple of months.
 While Canada and Mexico have negotiated with the Trump administration over immigration, drug trafficking, and other issues, Beijing has ratcheted up tensions with Washington. Talks between China and the United States have not yet started, though Treasury Secretary Scott Bessent said Tuesday that a date had been set for U.S. officials to meet with officials from Beijing.
“I was going to be in Switzerland to negotiate with the Swiss. Turns out, the Chinese team is traveling through Europe and they will be in Switzerland also. So, we will meet on Saturday and Sunday,” the treasury secretary <a href="https://www.dailywire.com/news/breakthrough-trump-officials-set-date-for-direct-trade-talks-with-china" target="_blank" rel="noopener">said</a>.
While tariff talk has spooked markets, Trump has pursued a business-friendly deregulatory agenda and promised an extension of his 2017 tax cuts.
“We are making great progress on ‘The One, Big, Beautiful Bill.’ Our Economy is doing well, but it’s going to BOOM in a way never seen before,” Trump said in a Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/114468755257430424" target="_blank" rel="noopener">post</a> on Wednesday. “We are going to do NO TAX ON TIPS, NO TAX ON SENIORS’ SOCIAL SECURITY, NO TAX ON OVERTIME, and much more. It will be the biggest Tax Cut for Middle and Working Class Americans by far, and it is time for Main Street to WIN. MAKE AMERICA GREAT AGAIN!”

Fed Makes Interest Rate Decision With Inflation Concerns As Backdrop

Sen. Elizabeth Warren (D-MA) criticized President Donald Trump on Thursday after he called for the Federal Reserve to cut interest rates – seven months after Warren told the Federal Reserve the same.
Warren appeared on CNBC on Thursday and said that Trump was risking a market “crash” after he posted on Truth Social that the Federal Reserve chairman’s “termination cannot come fast enough!” Trump has expressed frustration with the Fed chairman, Jerome Powell, in recent days over the level of the federal funds rate.
Warren said that Trump’s post was a threat to fire Powell. As an independent agency, the Federal Reserve’s chairman can only be removed by the president “for cause,” according to a 1935 Supreme Court ruling. “For cause” is typically interpreted to exclude disagreements over monetary policy.
“Understand this: if Chairman Powell can be fired by the president of the United States, it will crash the markets in the United States,” Warren said. “The infrastructure that keeps this stock market strong – and therefore a big part of our economy strong, and therefore a big part of the world economy strong – is the idea that the big pieces move independent of the politics, that somebody is making his/their/her best decisions economically and independently.”
“If interest rates in the United States are subject to a president who just wants to wave his magic wand, this doesn&#8217;t distinguish us then from any other two bit dictatorship around the world,” she added.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
ELIZABETH WARREN: &quot;IF CHAIRMAN POWELL CAN BE FIRED BY THE PRESIDENT OF THE UNITED STATES, IT WILL CRASH THE MARKETS IN THE UNITED STATES.&quot; <a href="https://t.co/tuKbsvijW6">pic.twitter.com/tuKbsvijW6</a>
&mdash; The Wolf Of All Streets (@scottmelker) <a href="https://twitter.com/scottmelker/status/1913000373654077727?ref_src=twsrc%5Etfw">April 17, 2025</a></blockquote>
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Under the Biden administration, Warren, now the top-ranking Democrat on the Senate Banking Committee, repeatedly pushed Powell to cut interest rates despite high levels of inflation. She argued that interest rates needed to come down to make housing more affordable.
In one of those letters sent in September, Warren pushed the Federal Reserve to cut the federal funds rate by “75 basis points.” “If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession,” the <a href="https://www.warren.senate.gov/imo/media/doc/warren_hickenlooper_whitehouse_letter_to_fed_re_september_rate_cut.pdf" target="_blank" rel="noopener">letter</a> said.
Trump on Thursday appeared to vent in a Truth Social <a href="https://truthsocial.com/@realDonaldTrump/posts/114352766082542122" target="_blank" rel="noopener">post</a> about the federal funds rate, which is set by the Federal Open Market Committee and influences other interest rates. The president suggested that Powell was acting late to cut rates as the European Central Bank prepares to cut its own interest rates.
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Trump posted. “Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS.”
“Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!” Trump wrote.

Elizabeth Warren

Liz Warren Blasts Trump For Asking Fed To Lower Rates. Here’s What She Said When Biden Was President

Joe Biden

President Donald Trump on Thursday called for Federal Reserve Chair Jerome Powell to cut interest rates, saying that his termination couldn&#8217;t come &#8220;fast enough.&#8221;
Trump’s call on Truth Social comes a day after Powell delivered remarks critical of the president at the Economic Club of Chicago. Trump contrasted Powell’s handling of interest rates with the European Central Bank (ECB), which announced interest rate cuts on Thursday. 
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS,” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114352766082542122" target="_blank" rel="noopener">posted</a> on his social media network. “Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”
Trump has <a href="https://truthsocial.com/@realDonaldTrump/posts/114280322706682564">repeatedly</a> called for Powell to cut interest rates, saying that the Fed chair was “playing politics” with the economy earlier this month. 
On Wednesday, Powell <a href="https://www.youtube.com/watch?v=1o_9kO0zZQg" target="_blank" rel="noopener">said</a> that he believed Trump’s tariffs would cause inflation. Trump has imposed a baseline 10% tariff on most American trading partners, a 145% tariff on Chinese goods, and select tariffs on other products, such as automobiles. 
“Tariffs are highly likely to generate at least a temporary rise in inflation,&#8221; Powell said. &#8220;The inflationary effects could also be more persistent. Avoiding that outcome will depend on the size of the effects, on how long it takes for them to pass through fully to prices, and, ultimately, on keeping longer-term inflation expectations well anchored.&#8221; 
Powell added that he was waiting “for greater clarity before considering any adjustments to our policy stance.”
“We’re always going to be aiming for maximum employment and price stability,&#8221; he said. “I do think we’ll be moving away from those goals for the balance of this year, or at least not making any progress, and then we’ll resume that progress as we can.”
Trump has said that the tariffs are generating billions in revenue for the federal government and are necessary to get more favorable trade deals for the United States. On Thursday, he <a href="https://truthsocial.com/@realDonaldTrump/posts/114353201227355474" target="_blank" rel="noopener">said</a> that “every nation” wants to meet over the tariffs, including China. The president and his staff met with Japan on Wednesday and are expected to meet with Italy on Thursday to discuss the tariffs. 
Powell&#8217;s post as chair of the Fed runs through May 2026. He previously <a href="https://www.politico.com/live-updates/2024/11/07/congress/feds-powell-says-trump-cant-fire-him-00188311" target="_blank" rel="noopener">said</a> that it would be unlawful for Trump to remove him.

President Trump Announces Nominee For Federal Reserve Chair Of The Board Of Governors

Trump Attacks Fed Chair Jerome Powell: ‘Termination Cannot Come Fast Enough’

In order to ensure Kamala Harris’ victory in 2024, there has to be some sort of outsized force that propels her to it. But the problem for Harris is that there aren&#8217;t going to be more debates where points are teed up for her.
If something bad happens in the world, that cuts against the Biden-Harris administration. If a large-scale war breaks out in the Middle East right now, that&#8217;s not going to cut against former President Trump; it&#8217;s going to cut against Biden-Harris because she&#8217;s the vice president who failed to prevent it.
If there&#8217;s an economic collapse, that cuts against Harris. If there&#8217;s any piece of really bad data in the country right now, it cuts against the incumbent.
But there is one piece of news that could be released and manipulated in order to try and help Harris.
And it happened on Wednesday.
The Wall Street Journal <a href="https://www.wsj.com/economy/central-banking/fed-cuts-rates-by-half-percentage-point-03566d82" target="_blank" rel="noopener">reported</a>:
<blockquote>​The Federal Reserve voted to lower interest rates by a half-percentage point, opting for a bolder start in making its first reduction since 2020. 
Eleven of 12 Fed voters backed the cut, which brings the benchmark federal-funds rate to a range between 4.75% and 5%. Quarterly projections released Wednesday showed a narrow majority of officials penciled in cuts that would lower rates by at least a quarter-point each at meetings in November and December.</blockquote>
They&#8217;re going to start cutting, and they want a hard cut. The problem with a hard cut is that, first, inflation has not gone down all the way to the 2% number the Federal Reserve typically looks for, and, second, the economy is still pretty hot, meaning that unemployment numbers are still not radically up.
So what are they doing? They&#8217;re injecting more money into an economy that actually is not flagging enough to justify that size of a cut. The case for a 25-basis point cut could be made. You could say we need to gradually inject more money into the economy.
But interest rates should be free-flowing and not manipulated by the Federal Reserve at all. It&#8217;s ridiculous that we have a centralized government agency that decides how much your dollar is worth based on a dual mission of reducing unemployment and keeping inflation down. The free market should decide exactly how interest rates float, and sometimes the interest rates need to go up in order to clean out bubbles.
When that doesn&#8217;t happen, bubbles end up growing, and then eventually, the bubbles burst.
The Journal continues:
<blockquote>The Fed governor Michelle Bowman dissented against Wednesday’s decision in favor of a smaller, quarter-point cut. Bowman, who was appointed to the board by Donald Trump in 2018, became the first governor to dissent against an interest-rate decision since 2005. It was the first dissent by any voter on the rate-setting committee since June 2022.
The Fed rate cut marks just the sixth time in the past 30 years that the central bank switched from raising to lowering rates. Usually when the Fed starts cutting rates, it doesn’t know whether it will make a handful of small moves—as it did in 1995 and 1998, when the economy avoided a downturn—or whether it is the start of a longer series of reductions, as in 2001 and 2007, when the central bank cut rates a few months before the economy entered recession.</blockquote>
So, they&#8217;re going to start lowering the interest rates again. There are a few reasons for this. One is the United States government is borrowing money at such an unbelievable clip right now that to leave those interest rates up would ratchet up the interest payments on the national debt. In order to correct for the vast national debt we are piling up, they&#8217;re lowering the interest rates so we don&#8217;t have to pay people back at as high rates. That&#8217;s a major factor.
<h4><a href="https://www.dailywire.com/episode/ep-2051-member-exclusive" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h4>
Another factor is supposed to be that the economy is slowing so much we need to inject a fresh round of capital.
But let&#8217;s be real about this: Capital has not dried up in the American economy. That is why the stock market is currently riding precisely where it is. Just days ago, the price-to-earnings ratio (which assesses whether a stock is over- or under-valued) for the Dow Jones Industrial Average was riding at 31. The average PE ratio for the Dow over the past three years is 20.
That&#8217;s insane. That means stocks are overvalued. That means there&#8217;s quite a lot of money in the system that is being thrown at the stock market because people don&#8217;t know what to do with the money. Investors are getting a fresh infusion of cash in their pocket, and they&#8217;re immediately planting it where they think it will possibly earn a return. Stocks would be one place. They&#8217;re presumably going to do the same in real estate.
The problem is that the interest rates in real estate remain higher than they were five or six years ago. So even if you want to trade a house for a different house, that now means you&#8217;re giving up a 3.5% interest rate for a 6% interest rate on your mortgage, which costs you a lot more money.
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So what is the cut designed to do? Making a 50-basis point cut signals two things at the same time. First, it signals the economy is on the verge of a downturn. That&#8217;s the reasoning for cutting it 50-basis points as opposed to 25. But second, a 50-basis point cut simultaneously signals that the worries about inflation are over, which means the economy is strong and solid. Obviously, these two things are in conflict with one another.
Jerome Powell of the Federal Reserve tried to justify this. He said the Fed’s “patient approach” has paid dividends.
If by “patient approach,” he means increasing the prices of everything over the past three and a half years by roughly 20%, then well done, Jerome. Don&#8217;t strain your shoulder patting yourself on the back too hard. 
The <a href="https://www.nytimes.com/2024/09/19/business/economy/inflation-interest-rates-effects.html">New York Times</a> reported: 
<blockquote>People with jobs have started showing up at homeless shelters in Atlanta. Families who can’t cover their grocery bills are pushing up demand at a Boston food bank. A dearth of available houses is plaguing Sacramento. Yet reports of recent raises abound, and a partly retired homeowner near Pittsburgh is happy about his savings.
America’s bout of painfully high inflation — and the period of high interest rates meant to cure it — is finally drawing toward a close. Price increases are nearly back to a normal pace, so much so that the Federal Reserve voted on Wednesday to lower borrowing costs for the first time in more than four years.
But even as the nation’s tumultuous pandemic economic era begins to approach its end, the period is destined to leave lingering marks.</blockquote>
The Federal Reserve does not want Donald Trump in office. They clearly would like to see Harris elected.
So what is the cut really about?
What it&#8217;s about is trying to generate an ersatz feeling of good momentum on the economy, despite the fact the Business Roundtable CEO Economic Outlook Index suggests the job market is slowing.
Is it slowing, or is it solid? We don&#8217;t know. Jerome Powell won&#8217;t tell us. Is inflation conquered, or is it just coming down? We don&#8217;t know. He won&#8217;t tell us.
While White House Press Secretary Karine Jean-Pierre has the nerve to suggest the White House is completely independent of the Federal Reserve, have you noticed that every major Democrat in the Senate has been calling for a lowering of interest rates for the last year and a half in an attempt to artificially jog the economy?
* * *
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US-ECONOMY-FED-POWELL

The Federal Reserve Rides To Kamala’s Rescue

2024 Election

Ben Shapiro

Dow Jones

Kamala Harris

Mortgages

Opinion

Unemployment

The <a href="https://www.dailywire.com/topic/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a> cut interest rates by 50 basis points on Wednesday in the final meeting of the Federal Open Market Committee (FOMC) before the November election.
The cut was larger than most economists predicted and larger than the usual 25 basis point increment by which the FOMC typically moves. The rate cut is the first for the Federal Reserve in over four years since after the onset of the COVID-19 pandemic.
The cut reflected FOMC board members’ concern over recent Labor Department data that showed the labor market in a much weaker state than previously thought. Inflation remains higher than the Fed’s 2% target rate &#8212; the consumer price index <a href="https://www.reuters.com/markets/us/us-consumer-prices-rise-moderately-august-2024-09-11/" target="_blank" rel="noopener">rose</a> 0.2 points in August to 2.5%. Officials cited the Fed’s dual mandate to fight inflation while encouraging full employment to justify its decision to cut rates, however.
“This recalibration of our policy stance will help maintain the strength of the economy and the labor market and will continue to enable further progress on inflation as we begin the process of moving towards a more neutral stance,” Fed Chairman Jerome Powell said at a Wednesday press conference, according to the <a href="https://www.ft.com/content/bff9e6d8-8906-4b3d-9ff3-72b091b6cd9e" target="_blank" rel="noopener">Financial Times</a>.
<a href="https://www.amiracist.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://www.amiracist.com/&amp;source=gmail&amp;ust=1726313279401000&amp;usg=AOvVaw115_qPFFEePDP86-Fvo-Vd">Am I Racist? Is In Theaters NOW — Get Your Tickets Here!</a>
The rate cut <a href="https://www.dailywire.com/news/labor-dept-overestimated-job-growth-by-more-than-800k-revises-data" target="_blank" rel="noopener">comes</a> after a Labor Department review of employment statistics revealed potentially the largest downward revision of jobs estimates in over 15 years. The Bureau of Labor Statistics reported last month that job growth throughout the 12 months ending in March would be revised downward by 818,000 jobs, roughly equivalent to 0.5% of total U.S. jobs.
The potential revision suggests that monthly jobs numbers reported in the year leading up to the annual review have been seriously inflated, painting a much healthier picture of the economy. The size of the interest rate cut suggests that the FOMC was surprised at the size of the correction of Labor Department data revealed last month.
The next Fed meeting is <a href="https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm" target="_blank" rel="noopener">scheduled</a> for November 6-7, the days immediately after the presidential election.

Fed Slashes Interest Rates In Final Meeting Before Election

U.S.

Joe Biden and Democrats are hoping that Federal Reserve Chairman Jerome Powell saves them.
The big problem right now for Biden is that economic growth has slowed. There have been a bunch of retroactive revisions of the job numbers that push them down. This keeps happening over and over where the media says, “Those are pretty strong,” and then a month later they admit, “Well, subtract 100,000 from that.”
Inflation has not fully been conquered yet. So the Biden administration is desperately hoping that Jerome Powell will step in and try to cut interest rates before the election and give an artificial boost to Joe Biden&#8217;s reelection chances.
According to <a href="https://www.wsj.com/economy/central-banking/jerome-powell-senate-testimony-july-b7805d54">The Wall Street Journal</a>, “Federal Reserve Chair Jerome Powell made a subtle but important shift that moved the central bank closer to lowering interest rates when he suggested Tuesday that a further cooling in the labor market could be undesirable. ‘Elevated inflation is not the only risk we face,’ Powell told the Senate Banking Committee during the first of two days of testimony Tuesday. ‘We’ve seen that the labor market has cooled really significantly across so many measures.…It’s not a source of broad inflationary pressures for the economy now.’&#8230; Powell conceded that he wouldn’t have arrived at such a judgment as recently as two months ago…”
Powell said the slowdown in hiring means that they&#8217;re afraid there are too many unemployed people.
Perhaps the Fed is going to jog the economy with more money. The problem is that inflation is still at 2.6%, and 2% is the target. Fed officials have not conquered inflation; if they are to lower interest rates now, presumably what you will get is renewed inflation, just in time for the election.
Joe Biden is creating an economic box for himself, and I don&#8217;t think Jerome Powell is necessarily going to let him out of that box. It doesn’t seem as though the economy or the American perception of the economy is going to change radically prior to the election.
<h4><a href="https://www.dailywire.com/episode/ep-2001-democrats-stick-with-dementia-addled-biden-member-exclusive" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h4>
Which leaves the question open as to what exactly is going to change before the election. You can only say bad things, correct? What&#8217;s going to change for Biden before the election? What&#8217;s going to change for Trump?
Trump is absolutely the same as he was in 2016, as he was in 2020, except more disciplined. The big question for Trump is going to be whom he selects as his running mate. 
What&#8217;s going to change for Joe Biden? Because it&#8217;s hard to see what changes in a positive direction for him at this point.
It seems as though the only things that can happen at this point are pretty bad for him. Barring some sort of economic boom that suddenly breaks in, it’s going to be hard to change the direction of this election.
And the polls are running in Trump’s direction. In brand-new Emerson College polling, Trump is running ahead of Biden 46% to 43%. And Biden is the best the Democrats can do; Trump beats Kamala Harris 49% to 43%; Bernie Sanders by six, Al Gore by five, Hillary Clinton by seven, and Gavin Newsom by eight.
Nate Silver says Trump is leading by 3.1 percentage points. He stated that Trump is doing well in the swing states; leading in Pennsylvania by three, in Wisconsin by two, in Georgia by five, in Michigan by one, in North Carolina by six, in Arizona by seven, in Nevada by six, in Florida by nine, and in Texas by ten.
The Real Clear Politics polling average shows Donald Trump with a lead of five and a half points in Pennsylvania, up two in Wisconsin, one in Michigan, five in Arizona, four in Georgia, five in Nevada, and six in North Carolina.
<h4><a href="https://www.dailywire.com/show/scamala-kamala-harris-unmasked#" target="_blank" rel="noopener">WATCH: Ben Shapiro&#8217;s new three-part series &#8220;Scamala: Kamala Harris Unmasked&#8221; on DailyWire+</a></h4>
The Cook Political Report revealed insider information from internal polling from Democrats showing Biden down in Pennsylvania by ten points.
All momentum currently is with Trump.
The problem for Joe Biden is no matter how much he tries to talk himself through this race, no matter how he tries to convince everyone that he is healthy, youthful, full of vim and vigor, he is not.
And as much as some Democrats want him to, Joe Biden is not dropping out.

US-VOTE-POLITICS-BIDEN

Biden Looks To The Fed To Save Him

Democrats

Polls

Readers Pass

Some supporters of former President Donald Trump are pushing for the Federal Reserve Board to be more answerable to the president, hoping that if Trump is elected in November he can influence the Fed’s policies, <a href="https://www.wsj.com/economy/central-banking/trump-allies-federal-reserve-independence-54423c2f?mod=e2tw">according</a> to The Wall Street Journal (WSJ).
Some suggestions reportedly include the Fed consulting the president on interest rate changes, making Fed regulations subject to a review from the White House, and having the Fed monitored by the Treasury Department, a part of the executive branch. Although Fed chairman Jerome Powell’s term expires in 2026, the group would allegedly like Trump to have the capacity to oust Powell before then if he sees fit, leaving Powell as a member of the board of governors but no longer the Fed chairman. All governors of the Fed have a 14-year term.
The WSJ noted that it&#8217;s unclear whether Trump is aware of or endorses the proposals.
“Let us be very specific here: unless a message is coming directly from President Trump or an authorized member of his campaign team, no aspect of future presidential staffing or policy announcements should be deemed official,” Trump senior advisers Susie Wiles and Chris LaCivita stated, according to the WSJ.
“Interest-rate policy is decided by the Federal Open Market Committee, which includes seven members of the Washington-based board of governors, who are appointed by the president and confirmed by the Senate, and 12 presidents of regional Fed banks, who are appointed by those banks’ private boards,” the Journal noted.
Last year, in the wake of inflation reaching the highest level in 40 years, the Fed raised interest rates to the highest level since 2001; they have stayed there ever since.
Trump, who appointed Powell as Fed chairman, has been harshly critical of him in recent years. Although it is unclear whether a president can fire the Fed chairman, in 2018, a report said Trump, frustrated with the Fed raising interest rates and watching the Dow Jones Industrial Average plunging in the worst week it had had in 10 years, had <a href="https://www.bloomberg.com/news/articles/2018-12-22/trump-said-to-discuss-firing-fed-s-powell-after-latest-rate-hike" target="_blank" rel="noopener">discussed</a> the idea of firing Powell.
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In February, Trump <a href="https://thehill.com/business/4444150-trump-blasts-powell-as-political-as-fed-weighs-rate-cuts/" target="_blank" rel="noopener">told</a> Fox News Business Network’s Maria Bartiromo, “I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates. &#8230; It looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected, I don’t know.”
Asked if he would reappoint Powell, Trump answered, “No, I wouldn’t do that.”

President Trump Announces The Nominee For Federal Reserve Chair Of The Board Of Governors

Trump Allies Want Fed Answerable To Him If He’s Elected: Report

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