Trump says inflation data means Fed can cut interest rates
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FILE PHOTO: The exterior of the Marriner S. Eccles Federal Reserve Board building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo
WASHINGTON, Jan 13 (Reuters) - President Donald Trump welcomed December inflation figures released on Tuesday, saying they supported his push for Federal Reserve chair Jerome Powell to cut interest rates.
The closely watched core CPI year-on-year figure came in at 2.6%, less than the 2.7% markets had expected. The overall annual inflation rate was 2.7%, matching November's gain.
"We have very low inflation. That would give 'too late Powell' the chance to give us a nice beautiful big rate cut," Trump told reporters before departing for Detroit.
Earlier Tuesday, Trump posted on social media that the inflation numbers mean Powell "should cut interest rates, MEANINGFULLY."
But consumer prices increased in December from November, cementing expectations the Federal Reserve would leave interest rates unchanged this month.
Trump has clashed repeatedly with Powell over the president's demand the Fed cut rates.
The administration's decision to open a criminal investigation into Powell drew condemnation from former Fed chiefs and a chorus of criticism from key members of Trump's Republican Party on Monday.
(Reporting by Gram Slattery and Susan Heavey, writing hy David Ljunggren;Editing by Doina Chiacu)
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