(TNND) — President Donald Trump indicated on Wednesday that he may reach out to Federal Reserve Chairman Jerome Powell regarding interest rates. Speaking to reporters in the Oval Office, Trump expressed his belief that it was a mistake not to cut the rates sooner.
“I might call him. I haven’t called him, but I believe he’s making a mistake by not lowering interest rates, he will hopefully do the right thing. The right thing is to lower interest rates,” Trump said.
Axios reported that Trump is contemplating the move to see if a rate cut can be achieved. While financial markets showed a slight reaction to Trump’s comments, it was not as significant as the downturn experienced when speculation arose about Trump potentially firing Powell. Trump later clarified he had no intention of doing so.
The last instance of a president attempting to influence the Federal Reserve to lower interest rates was in 1972, when President Richard Nixon made such a request.
