Economics
Powell Says Fed Cut Not Start of Long Series, Drawing Trump’s Ire
- Fed chief calls quarter point cut insurance against risks
- Trump says in tweet that ‘as usual, Powell let us down’
This article is for subscribers only.
Federal Reserve Chairman Jerome Powell said the first interest rate cut since the financial crisis was to “insure against downside risks” but didn’t signal the start of a lengthy easing cycle, drawing a sharp rebuke from President Donald Trump.
“We’re thinking of it as essentially in the nature of a mid-cycle adjustment to policy,” Powell said at a press conference Wednesday following the quarter percentage-point reduction. “It’s not the beginning of a long series of rate cuts,” he said, adding: “I didn’t say it’s just one” move.