Former President Donald Trump has scaled back his earlier claims about wanting direct control over the Federal Reserve's interest rate decisions. In an interview with Bloomberg, Trump stated that while he believes the president should be able to voice opinions on interest rates, he does not expect to dictate monetary policy. "It doesn't mean they have to listen, but I think it's fine for a president to talk," Trump said, according to CNN.
Throughout his presidency, Trump frequently pressured the Fed to lower interest rates, which broke traditional norms that protect the central bank's independence. He often criticized Fed Chair Jerome Powell, whom he appointed in 2017, over his decisions on rate hikes. Earlier this month, Trump reiterated his belief that his business experience gives him better instincts than many at the Fed, a claim reported by CNN.
