Federal Reserve meeting begins amid political pressure to lower interest rates

The Federal Reserve begins a two-day meeting Tuesday to address interest rates, with President Donald Trump applying unprecedented political pressure to lower them amid a slipping jobs market and persistent inflation.Over recent weeks, Trump has been pushing the Federal Reserve to reduce interest rates, aiming to make borrowing cheaper for credit cards and home loans. The central bank’s Board of Governors will meet Tuesday and Wednesday, and some economists predict the Fed will cut its benchmark interest rate by a quarter point due to data suggesting that hiring has slowed in recent months.”The growth rate has been very slow. We haven’t seen new jobs being created, and we’ve got inflation. This is what economists call stagflation, and this is what led to the end of Jimmy Carter’s presidency. Certainly Donald Trump doesn’t want this, and that’s why he’s putting pressure on the Federal Reserve, and he wants to be able to take credit and show gains from the policies of tariffs that are still a question mark for a lot of people,” said Todd Belt, a political analyst.Meanwhile, tension persists between Trump and Reserve Board Governor Lisa Cook. The president has attempted to fire Cook over allegations of mortgage fraud, which she has denied. An appeals court ruled overnight that Cook can keep her position, so she is expected to be at the meeting unless the Supreme Court intervenes.Additionally, the Senate confirmed Stephen Miran, a top White House economic aide, to fill a vacancy on the Fed’s board. The announcement regarding interest rates is expected Wednesday afternoon.Keep watching for the latest from the Washington News Bureau:

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