President Donald Trump expressed confidence on July 25, 2025, that Federal Reserve Chair Jerome Powell is ready to start lowering interest rates, following a meeting between the two. Trump indicated the meeting was positive, quoting Powell as saying, “the country is doing well,” and interpreting this as a signal that Powell might recommend rate cuts. This comes amid Trump’s ongoing pressure on Powell to reduce rates, which are currently set at 4.25%-4.50%, a range unchanged since December 2024. However, Powell has emphasized that any rate decisions will be data-driven, citing concerns about inflation risks from Trump’s tariffs, which could keep rates elevated. Economists warn that undermining the Fed’s independence could lead to higher long-term interest rates, contrary to Trump’s goal of reducing borrowing costs.
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