Prospective Fed Pick James Fishback Calls for Full-Point Rate Cut

WASHINGTON D.C (VINnews) — James Fishback, a prospective candidate for the Federal Reserve Board, is calling on Fed Chair Jerome Powell to slash interest rates by a full percentage point at the central bank’s next meeting.

“In December of 2022, interest rates were 4.5% and inflation was 6.5%,” Fishback said in a post on X. “Today, interest rates are 4.5% and inflation, because of President Trump’s leadership, is 1.8%. That doesn’t make any sense.”

Fishback, a vocal supporter of President Donald Trump, argued that current monetary policy is unnecessarily restrictive, given the sharp decline in inflation.

“The Fed needs to cut by a full percentage point, bring rates down from 4.5% to 3.5%, to give President Trump the room he needs to further grow this economy in his golden age,” he said.

He also pointed to what he described as major Trump-era economic achievements, including reduced inflation, rising tariff revenue, and international trade renegotiations.

“Why is Jerome Powell using restrictively high interest rates at a time when President Trump has defeated inflation, is bringing in $150 billion of tariff revenue, and is breaking massive trade deals all across the world?” Fishback asked. “It’s the right thing to do and is the economically literate thing to do as well.”