Senators pressure Powell to cut interest rates after missing out on his July job
Labour Secretary Lori Chavez Deremar discusses her July employment report, in which she joins Varney & Co., and her call for the Federal Reserve to cut interest rates to support American workers.
A substantial employment report released Friday shows the senator with arms and seeks the Federal Reserve Chair. Jerome Powell Cut interest rates.
“He needs to lower interest rates,” Senator said. Bernie Morenotold R-Ohio, Fox Business. “And if this doesn’t do it for him, I don’t know what I’m going to do.”
The Labor Bureau revealed in July that employers only added 73,000 jobs. This is a figure that is well below expectations and could be influenced by increased economic uncertainty given the Trump administration’s use of tariffs.
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Federal Reserve Chairman Jerome Powell testifies before the Senate Committee on Banking, Housing and Urban Affairs in Capchol Hill, on June 25, 2025. (Kent Nishimura / Getty Images / Getty Images)
The report also follows the Fed’s decision to not lower interest rates earlier this week. Donald Trump.
Moreno, who is on the Senate Banking Committee, has become one of Powell’s most vocal critics, previously calling for him to step down, and has repeatedly led to growing frustration from Trump.
When asked if Powell was too late to lower the rate, Moreno said, “That’s why his nickname is ‘too late’.”
The Federal Open Market Committee, chaired by Powell, directed the Fed’s monetary policy decision, voting nine to two votes to maintain the rate in the 4.25% to 4.5% range. The panel will meet again in September, with some Capitol Hill demanding prices drop.
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Senator Bernie Moreno speaks to a reporter off the floor of the Senators at the U.S. Capitol in Washington on June 30, 2025. (Andrew Harnik/Getty Images)
“He’s too late, but it’s not too late,” Moreno continued. “We can still do that, and that’s why I think President Trump’s proposal is just the other governors kick him out.”
“If he doesn’t do anything with the fee in September, this guy should be dragged out of there,” he said. “I mean, it’s brutal.”
other Senate Republican Their feelings towards Powell were less powerful, but they hoped that the rate changes would soon be on the horizon.
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R-Mont. Sen. Steve Daines of the company told Fox News Business that Jobs Report is one of the puzzles the Fed is watching when determining fees, but it’s becoming more and more clear to me that it’s probably time for prices to drop.”
Sen. Steve Daines raises questions about U.S. Federal Reserve Chair Jerome Powell during a March 3, 2022 hearing of the Senate Bank, Housing and Urban Affairs Committee on the Fed’s “semi-annual monetary policy report” at Capitol Hill. (Tom Williams Pool / Getty Images / Getty Images)
and Senators Cynthia RamisR-Wyo. said Powell had already hoping to forgive the fees and remove them, but he didn’t think it was too late.
“I hope he decides,” she said. “I hope he rethinks it.”
But the senator Elizabeth Warrena top Democrat on the Banking Committee rebutted that it was Trump’s tariff strategy that the rates remain unchanged, and she warned that the uncertainty driven by the duties is “costly in the economy.”
“Powell has revealed the economic issues, and it’s Trump’s disruption over tariffs that keeps the Fed from cutting interest rates and hampering job growth,” the Massachusetts Democrats told FOX Business. “So, in front of us there’s a solution, and that’s for Donald Trump to stop the tariff madness again, once again, once again.”
Other troubling numbers were included in the employment report on Friday, particularly revisions to the number of positions from May and June. The latest report has reverted the number of duties in May at 125,000, lowering the total to 19,000. In June, the report also revised the figure downwards to 133,000, cratering the total work produced to 14,000 people.
Trump accused the division’s number of duties was produced by Biden’s appointee Erica Mantelfer, a commissioner for the Director of Labor Statistics (BLS), who accused him of forging “to increase the likelihood of Kamala’s victory before the election.”
President Donald Trump is walking the Southern Lawn of the White House after arriving at the Marines in Washington on July 29, 2025. (Getty Images/Getty Images via Bonnie Cash/UPI/Bloomberg)
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Trump demanded that she be fired, and she vowed to replace her with someone “more capable and qualified.”
“These important figures must be fair and accurate. They cannot be manipulated for political purposes,” Trump said in a lengthy post on True Society. “McEntarfer has only added 73,000 jobs (shocking!), but even more importantly, 258,000 jobs have been downwards over the past two months.”
“Even in the first part of the year, it’s always been negative. Despite the Fed playing games, the economy is booming under ‘Trump’.
Requests for comments from the Fed and BLS on FOX Business were not immediately returned.