The Fed is expected to resume suspended interest rate cuts to set fire to new rallying in Bitcoin (BTC) and Altcoins.
However, despite positive economic data, the Fed has kept interest rates constant since January due to uncertainty created by tariffs.
The Fed is determined to stabilize interest rates until it becomes clearer, but US President Donald Trump frequently pressures the Fed and chairman Jerome Powell to cut interest rates.
Trump hopes Powell will step down from his position as Fed chairman.
At this point, Trump asked the Fed to cut interest rates ahead of the June Fed decision announced yesterday. However, the Fed once again ignored Trump and had not changed interest rates.
Very upset by the situation, Trump was posted on his true scoial account, sternly criticising Powell for yesterday’s decision and called for her to resign.
Donald Trump criticized Jerome Powell in the true society and said:
“It’s too late. Powell is the worst. And a real idiot who’s sacrificing billions of dollars in the US.”
He also shared an article asking Powell to step down as Fannie May and Freddie Mac, the country’s biggest mortgage lender.
Trump has repeatedly called on Powell to cut interest rates, arguing that interest rates should be reduced because economic data is good.
But Powell ignores them, but claims that Trump is reluctant to cut interest rates.
In response, Powell largely reiterated the central bank’s cautious stance on future rate cuts in yesterday’s remarks, citing expectations for higher inflation from Trump’s trade tariffs as the reason for his decision not to change the rate.
*This is not investment advice.