On July 10th, local time, President Trump took to the social media platform “Real Social” to once again urge Federal Reserve Chairman Powell to cut interest rates.
The day before, on July 9th, Trump criticized the current interest rate policy of the Federal Reserve on social media, stating that the interest rates set by the Fed are at least 3 percentage points higher than necessary, and that each percentage point increase in interest rates results in $360 billion in annual refinancing costs for the United States.
According to a report by the American Consumer News and Business Channel, Trump is considering naming an “Shadow Chairman” for the Federal Reserve before Powell’s departure next year as a way to pressure the Fed into cutting interest rates. (Liu Xu)