Pres. Trump is calling for an interest rate reset

WASHINGTON (Gray DC) - Federal Reserve policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75% for their third consecutive meeting. The vote was 11-1 to leave interest rates unchanged.

Federal Reserve Chairman Jerome Powell said the current stance of monetary policy is appropriate to promote progress toward the Fed’s maximum employment and 2% inflation goals.

Jon Decker Gray Media’s White House correspondent, asked President Trump about his nominee to be the next chair of the U.S. Federal Reserve.

“Kevin Warsh passed a hurdle today. The Senate Banking Committee confirmed his nomination. It will go to the Senate floor. He’ll be on the Fed in mid-may. Is it your expectation that he can persuade the other Fed governors to lower interest rates?”

President Donald Trump said the Fed should lower interest rates, calling it a good time to reset them.

“They should reset because it’s a good time to lower them. We’re the most prime country anywhere in the world where right now, having investments made in our country at a level that nobody’s ever seen, no other country has ever seen it,” Trump said. “Tens of billions of dollars are being invested in factories, auto plants. I mean, not just I, because is we’re leading China by a lot.”

Powell said at his press conference that he will continue serving as a member of the Federal Reserve’s Board of Governors, once his term as chairman finishes in May.