While speaking to reporters on the White House lawn on Friday, President Trump expressed his belief that Fed Chair Jerome Powell is almost ready to recommend lowering interest rates.
Trump’s comments come just one day after Trump met with Powell.
“I think we had a very good meeting on interest rates. And [Powell] said to me … very strongly, the country is doing well,’” Trump told reporters. “I got that to mean that I think he’s going to start recommending lower rates.”
.@POTUS on meeting with Jerome Powell yesterday: "I think we had a very good meeting on interest rates… He said to me, very strongly, 'The country is doing well' … And I got that to mean that I think he's going to start recommending lower rates." pic.twitter.com/Q8ZmYQw7QV
— Rapid Response 47 (@RapidResponse47) July 25, 2025
Fed Chair Jerome Powell and other policymakers have been reluctant to cut rates, pointing to the need to gauge the inflationary effects of Trump’s tariffs. Powell has argued the economy is strong enough to handle higher rates as officials continue to monitor the data.
Ahead of Trump’s latest remarks, White House budget director Russell Vought increased pressure on the Fed, calling for both a review of its operations and lower interest rates. He backed Trump’s push for monetary easing to bolster the broader economy, particularly the struggling housing market.
“There’s a whole host of issues with regard to the Fed, and we want to make sure those questions get answered over time,” Vought said on Squawk Box. “This is not a pressure campaign on the Fed chairman.”
Since Trump took office, he has sharply criticized Powell and frequently urged the Fed to cut interest rates.
“We have a man who just refuses to lower the Fed rate,” Trump said of Powell last month. “Maybe I should go to the Fed. Am I allowed to appoint myself? I’d do a much better job than these people.”
