Former President Donald J. Trump, the Republican candidate for the 2024 presidential race, promised lower interest rates — which a president does not actually control — if he is elected.
Asked on Wednesday what he would do on “Day 1” of a new presidency during a panel at the National Association of Black Journalists convention in Chicago, Mr. Trump said one priority would be to “drill, baby, drill,” the shorthand tagline he has adopted for promoting oil and gas production in the United States.
“I bring energy way down, I bring, interest rates are down, I bring inflation way down,” Mr. Trump expanded.
The president exerts no direct control over interest rates.
The Federal Reserve sets a key policy rate, which then trickles out to influence borrowing costs across the economy, and the Fed is independent from the White House.
Persons:
Donald J, Trump, “, ” Mr
Organizations:
Republican, National Association of Black Journalists, Federal Reserve
Locations:
Chicago, United States