Trump Saves About $1 Million With Powell’s Interest Rate Cut
- Trump’s annual tab from floating-rate debt around $16 million
- President spent months urging Fed to reduce interest rates
President Donald Trump in Cincinnati, Ohio on Aug. 1.
Photographer: Saul Loeb/AFP via Getty Images
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President Donald Trump is likely to save nearly $1 million in annual borrowing costs after Federal Reserve Chairman Jerome Powell cut interest rates this week.
The quarter percentage-point reduction in the Fed’s benchmark short-term interest rate, which reverses a December hike of the same amount, brings Trump’s total estimated annual cost from the U.S. central bank’s rate moves to about $16.3 million, according to a Bloomberg News analysis of the president’s most recent financial disclosure form and local property records.