Trump, Housing Chief Push Fed Chair Powell to Cut US Interest Rates

President Donald Trump has intensified calls for Federal Reserve Chair Jerome Powell to cut interest rates, arguing that current rates put the U.S. at an economic disadvantage globally and hinder growth. In their first meeting since Trump's return to office, Trump expressed his belief that maintaining rates is a policy mistake amid economic competition, particularly with China, while Powell emphasized the Fed's independence and data-driven approach. William J. Pulte, director of the Federal Housing Finance Agency and a Trump appointee, has publicly urged Powell on social media to lower rates to aid the housing market and counteract inflation attributed to the Biden administration. Despite these pressures, the Federal Reserve has held rates steady, with Powell noting that any decision will depend on incoming economic data and conditions. The ongoing tension highlights the differing priorities of the White House and the Fed regarding monetary policy amid concerns over inflation, economic growth, and housing market challenges.