Trump Softens Stance Ahead of Fed Rate Decision

The Federal Reserve is set to announce its interest-rate decision on Wednesday afternoon local time, and market expectations are that it will raise rates to curb inflation. The move would run counter to President Trump's desire to lower borrowing costs.

Kevin Hassett, Director of the White House National Economic Council, said that regardless of the Fed's decision, both he and the President will respect Fed Chair Jerome Powell's decision-making process.

This marks a softening of the White House's stance on potential rate hikes, with Hassett stating that they would '100 percent support' any decision by the Federal Reserve. This is in contrast to Trump's earlier calls for rate cuts and his frequent criticism of Powell.