AP Economics Writer
WASHINGTON (AP) — President-elect Donald Trump campaigned on the promise that his policies would reduce high borrowing costs and lighten the financial burden on American households. But what if interest rates remain elevated, well above their pre-pandemic lows? Trump could point a finger at the Federal Reserve and its leader, Jerome Powell, whom Trump himself had picked to lead the Fed. During his first term, Trump publicly ridiculed the Powell Fed, complaining that it kept rates too high. On Wednesday, Powell stressed the importance of the Fed’s independence: “That gives us the ability to make decisions for the benefit of all Americans at all times, not for any particular political party or political outcome.”
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