The Federal Reserve’s move to slash interest rates reverberated across the 2024 presidential race as Democrat Kamala Harris hailed the move as a boon for middle class families while Republican Donald Trump suggested the cut may have been politically motivated.
The heated rhetoric over the Fed’s decision to lower its benchmark interest rate by a half percentage point highlighted how the central bank — an independent institution whose Chair Jerome Powell has pledged not to allow political pressures to influence decision making — could be swaying the momentum of the 2024 presidential race with just seven weeks until Election Day.
Trump, speaking at a campaign stop at a bar in Manhattan, framed the cut as a “very unusual number” and bad news for his opponent, whatever the Fed’s motivation.
“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.”
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