US President Donald Trump expressed concern that the US economy could face a slowdown if the Federal Reserve does not take prompt action to lower interest rates.
“Many are calling for a ‘preemptive cut’ in interest rates. As energy costs have dropped significantly, food prices… have dropped significantly,” Trump wrote on his X social media page.
He added that if these costs continue to decline, inflation could indeed be under control, but there was a possibility of an economic slowdown if Fed Chairman Jerome Powell did not take action to lower rates soon.
Trump also cited Europe as an example, where the European Central Bank has already cut rates seven times.
Earlier, the White House reported that Trump was considering firing US Federal Reserve Chairman Jerome Powell.