The Federal Reserve is set to keep its benchmark interest rate steady at its upcoming meeting on July 29-30. This decision will likely disappoint those hoping for lower rates, including President Donald Trump, who has been critical of the Fed’s handling.
Trump has publicly nicknamed Jerome Powell, the Fed chair, “Too Late” and has urged him to cut interest rates. In a handwritten letter, Trump suggested lowering the rate from 4.25% to 4.5%. However, experts expect the Fed to maintain its current stance, citing concerns about inflation and economic stability.
One market strategist notes that the Fed’s independence is a crucial factor in determining interest rates. They advise individuals to pay close attention to this narrative, as it directly impacts borrowing costs for mortgage holders, credit card users, and investors.
Source: https://www.marketwatch.com/story/if-youre-worried-about-mortgage-and-car-loan-rates-going-even-higher-you-should-be-watching-the-trump-powell-fight-0c2c12de