Forex
Trump Pressures Fed for Rate Cuts Amid Strong Job Market
The US employment market released unexpectedly strong indicators for last month, prompting President Trump to pressure the Federal Reserve for rate cuts.
The non-farm payrolls increased by 162,000 compared to the previous month, which is the largest increase since March and about three times the number experts expected. The unemployment rate stood at 4.1%, similar to the previous month.
As employment indicators came in better than expected, expectations are gaining ground that the Federal Reserve could raise benchmark interest rates this month amid concerns over economic overheating. However, President Trump is pushing for lower interest rates, stating that since America's credit is better than before, rates should be cut.