By Esther Ososanya
President Donald Trump has renewed pressure on the Federal Reserve to slash interest rates following a stronger-than-expected 3% growth in U.S. GDP for the second quarter.
“2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!” Trump posted on Truth Social Wednesday, just hours before the Fed’s policy announcement.
President Trump’s tense, televised clash with Federal Reserve Chair Jerome Powell had raised concerns about the central bank’s independence ahead of this week’s meeting to consider interest rate adjustments.
While Trump isn’t the first president to pressure the Fed to cut interest rates, experts say his brash and bullying tactics are unprecedented.
After weeks of publicly criticising Powell, Trump made a rare visit to the Fed’s Washington, D.C., headquarters last Thursday.
During a tour of a $2.5 billion renovation project, Trump stood beside Powell in front of the cameras, waving a document that he said detailed major cost overruns. Powell shook his head in disagreement and firmly pushed back against the claim.
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While the GDP rebound signals economic momentum, analysts caution the growth was driven largely by falling imports, not broad consumer or investment gains.
The Fed is widely expected to hold rates steady amid lingering inflation concerns, despite Trump’s push for cheaper borrowing.
Trump himself nominated Powell to the top Fed post in 2017, proclaiming, “He’s strong, he’s committed, he’s smart,” but this month, the president seemed to forget all that, accusing Powell of being “too late” in lowering interest rates and expressing surprise that President Joe Biden had “put him in and extended him.” (Biden did reappoint Powell in 2021.)
Trump has even floated the idea of firing the Fed chair, whose term expires next May — a move that would be legally contentious. Powell himself has said he won’t step down if Trump asks him to.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
