Trump team talks with Walmart about easier medicine access

President Donald Trump recently shared his intention to choose a new Federal Reserve Chair who supports cutting interest rates. Speaking at the White House on June 27, Trump emphasized that he wants someone who will reduce rates to make borrowing cheaper, a move he believes will boost the economy. His comments come as he considers replacing current Fed Chair Jerome Powell, whose term ends in May 2026.

Trump has been vocal about his disagreement with Powell, criticizing the Federal Reserve for keeping interest rates too high. He believes lower rates would help businesses and consumers by making loans more affordable. This stance has raised concerns about the independence of the Federal Reserve, which traditionally makes decisions based on economic data, not political pressure.

Trump mentioned having three or four candidates in mind for the role but did not share names. The president’s push for lower rates aligns with his broader economic goals, including extending short-term debt to avoid locking in high rates for long periods. However, some worry that cutting rates too quickly could risk inflation, especially with Trump’s proposed tariffs potentially increasing prices.

Markets have reacted, with investors betting on earlier rate cuts, causing the dollar and Treasury yields to drop. Treasury Secretary Scott Bessent downplayed rumors of an early replacement for Powell, suggesting a decision might come later, possibly in October or November. Trump’s focus on controlling interest rates signals a potential shift in how the Federal Reserve operates, sparking debate about its role in the economy.