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Business & Economy
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Business & Economy
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Trump doubles down on Fed rate cut pressure
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President Trump pressured the Federal Reserve to lower interest rates for the second time this week after it held off.
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“Egg prices are WAY DOWN from the Biden inspired prices [sic] if just a few weeks ago. ‘Groceries’ and Gasoline are down, also. Now, if the Fed would do the right thing and lower interest rates, that would be great!!!” the president said on Truth Social late Thursday night.
The Fed announced Wednesday that it would keep rates steady at a 4.25 percent to 4.5 percent range, even with some indications that the U.S. economy might be leaning toward a slowdown.
Trump also pressured the Fed in a Truth Social post Wednesday night, saying, “The Fed would be MUCH better off CUTTING RATES as U.S. Tariffs start to transition (ease!) their way into the economy.”
He highlighted that the administration is set to unleash a new batch of reciprocal tariffs April 2.
Federal Reserve Chair Jerome Powell cited those looming tariffs in his press conference earlier this week, arguing that they threaten to slow the economy’s growth even more, with inflation increasing back to an annual 3 percent mark.
Read the full report at TheHill.com.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Weeks of violent protests at Elon Musk’s Tesla showrooms and charging stations are fueling concerns political tensions could be reaching a boiling point amid anger and frustration over Musk’s efforts to slash the federal bureaucracy.
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President Trump on Friday defended a series of executive actions he’s taken to target major law firms associated with individuals he holds grudges against, one day after one of those law firms struck a deal with the administration to avoid any penalties.
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The Campaign Legal Center (CLC) called for an investigation Friday into whether Commerce Secretary Howard Lutnick’s recent comments encouraging Americans to buy Tesla stock violated federal ethics laws.
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Commerce Secretary Howard Lutnick raised alarm over “fraudsters” receiving Social Security benefits, as Trump allies have ramped up rhetoric about potential waste in the program amid a major restructuring effort at the agency that oversees the program.
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Bessent blasts CBO accounting ahead of tax cut cost estimates
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Welcome to Tax Watch, a new feature focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.
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Treasury Secretary Scott Bessent blasted the Congressional Budget Office (CBO) this week, the official legislative scorer responsible for tallying the deficit effects of new laws.
“Shame on me,” he said during an interview on the “All-In” podcast this week. “I was in the investment business for 35 years. I talked very confidently that ‘CBO scoring says this.’ And it turns out I didn’t know you-know-what about CBO scoring. When you’re on this side of the wall, you realize how crazy it is.”
“It’s crazy,” he said again.
Republicans are preparing to potentially add trillions to the national debt by extending the 2017 Trump tax cuts or making them permanent.
CBO estimated Friday that permanent Trump tax cuts would raise the debt to more than 200 percent of gross domestic product by 2054, a number that would rise to 250 percent if interest rates increase by 1 percent in the long run.
Another estimate by the University of Pennsylvania found that making the cuts permanent would add $7.7 trillion to the deficit by 2034.
— Tobias Burns
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Upcoming news themes and events we’re watching:
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The Conference Board releases the Consumer Confidence Index for March next Tuesday at 10 a.m. E.T.
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Branch out with more stories from the day:
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TORONTO (AP) — An Ontario court on Friday gave Hudson’s Bay, Canada’s oldest company, permission to …
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Business and economic news we’ve flagged from other outlets:
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S&P 500 ekes out a gain Friday, snaps four-week losing run (CNBC)
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Nike’s sales are tumbling (CNN)
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Biden’s Secret Deal Allowed Chevron to Pay Venezuela Millions (Bloomberg)
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Top stories on The Hill right now:
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President Trump said Friday he is “immediately” moving the handling of federal student loans to the Small Business Administration (SBA), and shifting programs for students with disabilities to the Department of Health and Human Services (HHS) as his White House seeks to wind down and eventually eliminate … Read more
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The United Kingdom updated its advice for travel to the United States on Thursday, warning of harsh consequences for British passport holders who violate U.S. immigration laws. Read more
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Opinion related to business and economic issues submitted to The Hill:
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