Federal Reserve to announce interest rate cut amid economic slowdown, pressure from President Trump

The Federal Reserve is expected to announce a long-awaited interest rate cut this week, responding to a slowing economy as opposed to yielding to President Donald Trump’s demands. Recent data shows hiring is slowing and unemployment is ticking up, which would normally call for an interest rate cut. Lower interest rates make borrowing money for things like cars and credit cards cheaper. At the same time, inflation remains stubbornly high, which is usually solved by keeping interest rates where they are and leaving costly prices up.With a big decision facing the Fed, added pressure from President Trump isn’t helping. Experts say his repeated calls for the Fed to lower interest rates are damaging the agency’s independence and credibility, spooking investors and the market. “If the Fed is politicized and they’re acting based upon political pressures rather than accurate economic data, that’s going to send messages throughout the economy that maybe what they’re doing isn’t really good for the economy, and maybe it doesn’t come from a solid place of evidence,” political analyst Todd Belt said. “It will introduce even more uncertainty in the economy, and uncertainty is the enemy of business planning.”President Trump’s tariffs have also injected lots of uncertainty in the market, and economists say that, in turn, will further drive up inflation.In a further escalation involving the president and the Fed, last week, a federal judge blocked Trump’s unprecedented attempt to fire Federal Reserve Governor Lisa Cook, alleging mortgage fraud. Now, the administration is appealing and is pushing the courts for an emergency ruling before the Fed’s big interest rate decision this week. But a big twist could undermine the administration’s case, as the Associated Press reports that Cook previously referred to the property in question as a “vacation home,” which would contradict the White House’s accusations of fraud.Watch the latest on the Federal Reserve:

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