Amid repeated calls for lower interest rates, President Trump has characterized Fed Chair Jerome Powell as an “OBSTRUCTIONIST,” or someone who purposely delays or prevents a process from occurring.
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“I really believe that Jerome ‘Too Late’ Powell is an OBSTRUCTIONIST!” Trump said in a Truth Social post on Wednesday.
Fed Faces Data Loss as Shutdown Threatens Key Reports
Last month, Powell said that the Fed would continue using a data-driven approach in deciding monetary policy, pushing back against pressure from Trump to significantly lower rates. Powell also warned that the labor market is no longer “solid,” which was exemplified by a private payrolls report this morning that showed a loss of 32,000 jobs in September, the largest monthly drop since March 2023.
With the government shutting down for the first time since 2018, the Fed is at risk of losing key inflation and labor data ahead of the October 28-29 Federal Open Market Committee (FOMC) meeting. Reports from the Labor Department, like jobless claims on October 2 and nonfarm payrolls on October 3, will likely be suspended while the government’s doors remain closed.
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