Trump’s surprise visit to the Federal Reserve (Fed) hinted at a potential shift in US interest rate policy. While there, he chatted with Fed Chair Jerome Powell.
A Surprisingly Civil Meeting
Trump voiced concerns about the Fed’s expensive renovation project (a whopping $25 billion!), but his main focus was getting interest rates lowered. He claimed the meeting with Powell was “productive,” suggesting the Fed might be considering a rate cut. Despite months of public criticism, the meeting was surprisingly drama-free, and Trump didn’t mention firing Powell. Powell’s term isn’t up until 2026, and he’s not planning to leave early.
Trump’s Continued Push for Lower Rates
Trump continues to push hard for lower interest rates, stating his desire to see them “come down.” He’s made monetary policy a top priority for his administration, and the pressure on the Fed isn’t letting up.
Global Pressure
Trump even brought up the issue during a meeting with UK Prime Minister Keir Starmer and other world leaders. He wants rates cut to 1%, claiming it’s crucial for the US economy and expressing personal frustration with Powell. He estimates that a 3% rate cut could save the US economy nearly $1 trillion.
Crypto Community’s Reaction
The crypto community is buzzing about the possibility of a rate cut. Some analysts believe it could trigger a surge in altcoins, similar to what happened in 2021. One analyst even suggested it could kick off the next “altcoin season.”