Last month, the Federal Open Market Committee (FOMC), a policymaking body at the Fed, projected two additional quarter-point rate cuts over the remainder of the year. By contrast, Trump has called for rate cuts totaling as much as 3 percentage points. Trump has carried out a pressure campaign at the Fed with little precedent.

Treasury Secretary Scott Bessent on Monday confirmed the names of five candidates to replace Jerome Powell as chair of the powerful Federal Reserve next year

Instead he is railing at the Federal Reserve, particularly Chairman Jerome Powell. One Fed governor who disagreed with him has fallen on her sword. He is trying to fire another and replace her with someone more compliant.

Jay Powell declared the central bank was “driving in the fog” as the Federal Reserve cut interest rates in the middle of a government shutdown that has deprived the institution of some economic data. The quarter-point cut, which brings the US benchmark rate down to 3.75 per cent, was broadly expected. It now sits at the lowest level since 2022.

President Donald Trump’s social media platform will soon let users wager on elections and other political events he’s involved in. Trump Media announced Tuesday morning that Truth Social will launch a new feature allowing users to bet on everything from elections and Federal Reserve rate decisions to gold and crude oil prices using cryptocurrency.

Federal Reserve trims rates by quarter point, second reduction this year