Biden Says ‘Independent’ Federal Reserve Will Slash Interest Rates

The Federal Reserve is emphatically supposed to be free of political influence to make decisions affecting the U.S. economy. Recent statements by President Joe Biden, however, raised concerns that the central bank will act to affect this year’s presidential election.

The Democrat recently predicted that the Fed will cut interest rates by the end of 2024. He then doubled down on that prognostication despite new data showing that inflation is rebounding yet again.

Interest rate cuts would likely alleviate economic pressure on voters ahead of the November election. For the embattled Biden, that would be manna from heaven.

The Democrat would undoubtedly enjoy a boost in perhaps his most vulnerable area. Despite a concerted effort by leftists to convince voters that they are doing fine, inflation says the opposite and the electorate remains unconvinced.

Biden admitted in a Wednesday press conference that hotter-than-expected inflation reports for three consecutive months could delay a rate cut.

The president explained, “This may delay it a month or so, I’m not sure of that. We don’t know what the Fed is going to do for certain.” But he stood by his previous prediction of future interest rate cuts that would stimulate the economy.

According to experts, the central bank slashing interest rates ahead of the November election would be only a temporary reprieve from Biden’s inflationary policies.

E.J. Antoni of the Heritage Foundation explained to Fox News Digital that the effects of such cuts would be “superficial” at best. When rates are lowered “you do get a temporary boost to the economy driven by an ease of access in terms of debt.”

This would help Americans saddled with sky-high mortgage payments tied to interest rates.

But the improvement is only short-term. Antoni noted that Americans will be “spending outside of their means and the long-run effects of that are going to be very detrimental, but in the short run it feels great.”

With voters suffering hardships due to inflation, the White House is counting on the Federal Reserve to cut rates multiple times in 2024. This could in turn be cited as evidence that “Bidenomics” is working and that the people are better off.