Trump dismissed hot inflation report as “Biden inflation” after another call for lower interest rates
Donald Trump rejected a higher-than-expected inflation report as “Biden inflation” Wednesday morning after calling for lower interest rates.
The U.S. president's response to the release of data on the title consumer price rises far exceeds the forecast, releasing “Biden inflation!” about the Truth Society.
The post, an hour after another post Wednesday morning, read “interest rates should be lowered, which will go hand in hand with the upcoming tariffs!!!”
“Let's rock, America!!” The president added in an article whether he's talking about the Fed's short-term interest rate, 10-year fiscal gains, home mortgage rates, auto loans or all of the above.
About halfway between the two posts, i.e. 8:30 a.m. ET, the latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) was up 3% from the previous year in January, which It is the % of the annual price increase on December 2.9.
The president's swift back and forth reciprocity after Fed Chairman Jerome Powell told lawmakers on Tuesday that “we don't need to rush” interest rates.
The inflation collection Wednesday morning could reduce the likelihood of the Federal Reserve's benchmark federal funding rate.
Until this fall or even next winter, the market has not seen a chance of the Federal Reserve cutting, and the probability on Wednesday morning has even dropped.
Trump mentioned the tariffs after announcing a new 25% steel and aluminum tariff earlier this week and promised to release new reciprocal tariffs as early as today.
On Wednesday morning, after the Oval Office appeared on Tuesday afternoon, Trump predicted that Elon Musk and his administration will eventually find nearly $1 trillion cuts and cut the federal deficit in half. Pay attention to interest rates.
Musk then added that the impact of these cuts – with other actions like pruning regulations and the effects of average zero inflation and lower interest rates.
Tesla and SpaceX CEOs asked reporters in the room to imagine a scenario where next year “they will land along the grocery store aisle, while the price from one year to the next is the same, with all debt payments falling.”
Ben Werschkul is a finance correspondent in Yahoo, Washington.
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