Trump calls Fed ‘political’ as rate-cut case divides market
“People put in by Obama, Biden, and me, and there are quite a few members still left, as you understand, and so they vote to raise interest rates. I don’t know if they’re doing it because they think they’re doing a good thing or because they like the politics of it.”
The FOMC has not voted to raise its benchmark rate since July 2023. After three cuts in the second half of 2025, the committee has held the federal funds rate steady at 3.5% to 3.75% at every meeting so far in 2026, per Federal Reserve records.
Three members dissented from the July decision, preferring a quarter-point increase, a sign that the internal debate is far from settled.
Trump also challenged the idea that strong economic data justifies rate caution, an argument brokers following how Federal Reserve policy is shaping the US mortgage market in 2026 will find familiar.
“My point is, years ago, 25 years ago, when the country announced good numbers, interest rates went down because we had a stronger country,” he said.
