Trump Hints at Rate Cut After Meeting with Fed Chair Powell

On Friday, U.S. President Donald Trump stated that he had a positive meeting with Federal Reserve Chair Jerome Powell. He indicated that he believed Powell might be open to the idea of lowering interest rates.

The meeting between the two took place on Thursday. Trump made an unusual visit to the U.S. central bank to tour the ongoing renovation of two buildings at its Washington headquarters. The White House had previously criticized the cost of the renovation project. During the visit, Trump and Powell discussed the project's expenses.

Trump also used the opportunity to publicly urge Powell to immediately reduce interest rates. The president told reporters on Friday that the meeting was very good, particularly regarding the discussion on interest rates.

The Federal Reserve is widely anticipated to maintain its benchmark interest rate within the 4.25%-4.50% range following a two-day policy meeting scheduled for next week. Powell has previously stated that the Fed needs more data before making any adjustments to the rates.

The U.S. central bank also expressed its gratitude for Trump's support in completing the renovation of its Washington buildings. They also mentioned they were looking forward to the project's completion.