Former President Trump on Wednesday suggested that the Federal Reserve’s decision to cut interest rates indicated either a struggling economy or political maneuvering by the central bank.
During a visit to PubKey, a Bitcoin-themed bar in New York City, ahead of a rally on Long Island, Trump addressed the Fed’s 50 basis point rate cut earlier in the day. It marked the central bank’s first reduction after more than two years of fighting inflation, which surged following the pandemic.
“I suppose it means the economy is in bad shape to justify such a large cut, unless they’re just playing politics,” Trump said. “The economy must be really bad, or they’re engaging in politics. But it’s a significant cut.”
The new federal funds rate, now set between 4.75 and 5 percent, signals the Fed’s confidence that inflation is under control. Earlier in the week, Trump and his sons revealed plans for their new cryptocurrency platform, reflecting his increasing support for digital currency after years of skepticism.
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