Former President Donald Trump accused the Federal Reserve of "playing politics" on Wednesday following the decision to cut interest rates in an effort to kick-start a lagging economy.
Earlier on Wednesday, Federal Reserve Chair Jerome Powell cut interest rates by half of a percentage point in an effort to give much needed relief to borrowers.
While some have accused the agency of tilting the scales in favor of the current administration, Powell downplayed the perceived favoritism saying, "This is my fourth presidential election at the Fed, and it’s always the same," Powell said. "We’re always going into this meeting in particular and asking what’s the right thing to do for the people we serve."
Speaking at PubKey, a Manhattan bar with a cryptocurrency theme, Trump expressed his deep skepticism of the Fed’s move coming only 48 days before the presidential election.
"I guess it shows the economy is very bad to cut it by that much, assuming they’re not just playing politics," Trump said. "The economy would be very bad, or they’re playing politics, one or the other. But it was a big cut."
On Monday, Trump announced via livestream on X the launch of World Liberty Financial, which will be run by his two sons, Don Jr. and Eric, as well as real estate investor Steve Witkoff. Experts have noted a reversal in Trump’s embrace of the crypto markets after initially expressing deep skepticism.
World Liberty Financial is expected to be a borrowing and lending service used to trade cryptocurrency.
James Morley III ✉
James Morley III is a writer with more than two decades of experience in entertainment, travel, technology, and science and nature.
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