The Federal Reserve reduced the federal funds rate by 50 basis points, marking the first time it has dropped rates since March 2020.
Topline
Former President Donald Trump and his running mate, Ohio Sen. JD Vance, criticized the state of the U.S. economy Wednesday after the Federal Reserve cut interest rates by half a percentage point in a move Fed Chairman Jerome Powell said was meant to keep the economy in “good shape.”Key Facts
Trump told reporters during a visit to a New York City bar the rate cut “shows the economy is very bad, to cut [interest rates] by that much, assuming [the Fed] is not just playing politics”—though the Fed makes its decisions independent of lawmakers, and Trump chose Powell to lead the central bank.
