The Federal Reserve begins its two-day meeting on Tuesday amid renewed pressure from President Donald Trump to cut interest rates. Madison Mills, a senior markets reporter for Axios, joins with more.

Washington

Members of the Federal Reserve have started their meeting to consider whether to cut interest rates, facing renewed pressure from President Trump, who has publicly called for significant rate reductions. The meeting follows recent economic data revisions showing that job growth over the past year was weaker than previously reported, as well as ongoing concerns about rising inflation, partly attributed to new tariffs.

Experts note that the relationship between Federal Reserve rate cuts and consumer borrowing costs, such as mortgage rates, is complex and influenced by broader market responses. The decision is further complicated by a divided committee and the recent confirmation of a new economic advisor, suggesting that consensus on the path forward may be difficult to achieve.

Fed meeting begins as pressure mounts for interest rate cuts

Today members of the Federal Reserve begin their meeting to decide interest rate cuts on if they should make interest rate cuts with renewed Pressure from President Trump the president posting on social media this message to Fed Chair Jerome Powell quote too late must cut interest rates now and Bigger than he had in mind housing will soar a bunch of exclamation marks there Joining us now is senior markets reporter for Axios Madison Mills who I was saying during the break has the best name in the business Madison great to have you on our new Home this morning. Thanks for being with us This meeting comes after a number of red flag warnings in the economy So help us understand what those warnings are and how it will shape this decision. That's exactly right We just had a jobs number revision indicating that over the last 12 months about a million fewer jobs were added to the economy And we initially thought which is just a massive difference in how you view the strength of our labor market and then at the same time you have Inflation taking up and this is what the Federal Reserve has been sort of fighting against since the pandemic and since we saw these supply Chain shocks leading to record high price increases They were starting to make some progress to that end inflation was coming down But then you had these tariffs put in place and we are starting to see evidence that tariffs are fueling Inflation that presents a really difficult dynamic for the Federal Reserve because propping up the labor market and fighting inflation Those are two different things in terms of the treatment from the Fed one requires cuts one requires higher interest rates So that's where the dynamic is and each of those decisions carries with it some type of unique consequence So if the Fed does decide to cut rates as is an expectation What would that mean for our viewers in the next few months this fall, for example? Well, it's really interesting to hear the president saying that housing will soar off the back of rate cuts that really depends on the bond market Because if bond investors push up something like the 10-year yield, that's what's tied to your mortgage rates your credit card rates, right? So really depends on how Wall Street responds to the Federal Reserve's interest rate That is really tied to very short-term rates versus those long-term rates So it's not necessarily the case that if we get a 25 basis point cut suddenly mortgage rates are gonna drop that Relationship is a little bit more complex, right? It's it's also important to remember how it's not a direct as you've just laid out not a direct connection to the rates We pay but it's all kind of in the same financial pot in a way Is the committee likely to even be united on any decision? And if not, what does that mean? Right, of course not these days, right you have as I laid out all this economic data is creating It's like very confusing soup for the Federal Reserve because it's so mixed and we're having such a divergent economy right now Especially from low-income to higher-income consumers depending on what data you look at You can get a totally different picture of the economy And then this meeting is going to be really interesting because Stephen Meehan Trump's economic advisor is set to attend the meeting after getting confirmed Late last night. So we're certainly expecting to have a mixed Federal Reserve in terms of their votes on where interest rates should be set going forward All right, Madison Mills always great to have you here. Come back anytime. All right, you've broken the set in so you're welcome back invitation

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New York

Luigi Mangione's state terrorism charges dismissed in CEO killing

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Luigi Mangione set to be in court

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Jerusalem

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London

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Caracas

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Doha

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Ukraine Invasion

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