Back to today’s briefing

Story perspectives

Trump Pressures Fed Amid Disappointing Job Growth

8/1/2025

50 9

Summary

Story summary

President Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, calling on the Fed's Board of Governors to intervene if Powell hesitates on interest rate cuts. Meanwhile, the Labor Department revealed a disappointing addition of just 74,000 jobs in July, leading to a surge in market anticipation for a September rate cut, now at 78.8%.

History

Historical Context

In 1979, Federal Reserve Chairman Paul Volcker raised interest rates to combat inflation, leading to a recession and unemployment peaking at 10.8% in 1982. This historical tension between the presidency and the Fed resurfaced as President Trump criticized Jerome Powell amid rising market expectations for a September rate cut, highlighting ongoing debates about monetary policy's impact on economic recovery.

1 of 2

Story summary

President Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, calling on the Fed's Board of Governors to intervene if Powell hesitates on interest rate cuts. Meanwhile, the Labor Department revealed a disappointing addition of just 74,000 jobs in July, leading to a surge in market anticipation for a September rate cut, now at 78.8%.

1 / 2