Trump says Fed's rate cut was 'political move'

“Most people thought it was going to be half of that number, which probably would have been the right thing to do," Trump says

Republican presidential nominee and former US President Donald Trump speaks during a "Fighting Anti-Semitism in America Event" with Dr Miriam Adelson and Jewish leaders in Washington, US, Sept 19, 2024. REUTERS/Piroschka van de Wouw

Republican presidential candidate Donald Trump said on Thursday the US Federal Reserve's decision to cut interest rates by half of a percentage point was "a political move."

"It really is a political move. Most people thought it was going to be half of that number, which probably would have been the right thing to do," Trump said in an interview with Newsmax.

The Federal Reserve on Wednesday kicked off what is expected to be a series of interest rate cuts with an unusually large half-percentage-point reduction.

Trump said last month that US presidents should have a say over decisions made by the Federal Reserve.

The Fed chair and the other six members of its board of governors are nominated by the president, subject to confirmation by the Senate. The Fed enjoys substantial operational independence to make policy decisions that wield tremendous influence over the direction of the world's largest economy and global asset markets.