P
resident Donald Trump toured the Federal Reserve's headquarters on July 24, viewing a $2.5 billion renovation project and meeting with Chair Jerome Powell. The president has repeatedly called for interest rate cuts, and after their talk, he believes Powell is ready to cut rates. This comes after Trump reportedly showed Republican members of Congress a draft letter informing Powell of his firing just one week prior.
The Fed will decide whether to lower rates during its July 29-30 meeting. Trump wants to see interest rates decrease, citing the need for economic relief. Despite criticism from Powell and others over rising inflation and strong employment data, Trump remains optimistic about a rate cut.
Meanwhile, Fannie Mae is facing a lawsuit alleging employment discrimination against dozens of former employees who were fired in April. The plaintiffs claim they were discriminated against based on their national origin and age, as all but a handful are Indian nationals over 40.
