Republican presidential nominee Donald Trump said Thursday that the Federal Reserve's half-point interest rate cut this week was needed but also indicates a "political move" to keep Democrats in the White House, he told Newsmax.
"The country is doing badly, so you need the cut in one sense. In another sense, it really is a political move," Trump said in an exclusive interview with Carl Higbie on "Prime News."
It was the first rate cut by the Fed since the beginning of the COVID pandemic in March 2020, bringing rates down from a 23-year high.
"Most people thought it was gonna be half of that number, which probably would have been the right thing to do," Trump said of the half-point cut. "So it's a political move to try and keep somebody in office, but it's not gonna work, because the inflation has been so bad.
"And think of this: He missed the inflation. They missed it. They missed the number. They're either too early or too late. Now they're too early. Before they were too late. But inflation is already done," Trump added. "I mean, it's hurt people so badly. And the prices haven't come down."
However, the unemployment rate is creeping up after reaching a low of 3.4% in January 2023. Unemployment hit 4.2% last month.
"And now what you're seeing is bigger unemployment numbers. ... Because what's happening is the migrants coming in are taking the jobs of the Black population and the Hispanic population, and we're gonna stop that very fast," Trump said.
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Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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