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President Donald Trump said that the softer-than-expected inflation result for May looked great, again calling for the Federal Reserve to cut interest rates by a full percentage point.
“CPI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT,” Trump posted following the latest release of inflation data on Wednesday morning. Trump pointed out that lower interest rates would reduce the amount of interest the U.S. government pays on the national debt, which he called an important economic factor.
While inflation still remains above the Fed’s 2% target, the May data did show cooler monthly gains in both the headline and core measures. Fed officials, however, have said that they want to wait to adjust rate policy until they see how higher tariffs will affect inflation and the wider U.S. economy.
The Federal Open Market Committee is set to meet next week, but the odds of policymakers implementing a rate cut are less than 1%, according to the CME FedWatch Tool. After next week’s gathering, there are just four additional meetings on the calendar through the end of the year, meaning that policymakers would have to cut rates by a quarter of a percentage point every single time to sync with Trump’s agenda.
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