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Fact Check: Trump Doesn't Have the Power to Force Lower Interest Rates

The article from CNET discusses the misconception that former President Donald Trump could unilaterally lower interest rates. It explains that the Federal Reserve, which sets the federal funds rate, operates independently from the executive branch of the U.S. government. This independence is designed to prevent political influence over monetary policy. The piece details how the Federal Reserve's decisions are made by its board of governors, not by the President, and that any attempt by Trump or any president to directly control interest rates would infringe on this autonomy. The article also touches on Trump's past criticisms of the Federal Reserve and his calls for lower rates, but emphasizes that these are outside his presidential powers. Furthermore, it clarifies that while the President can appoint the Fed Chair, this does not grant control over the Fed's policies.

Read the Full CNET Article at:
[ https://www.cnet.com/personal-finance/banking/fact-check-trump-doesnt-have-the-power-to-force-lower-interest-rates/ ]