When that happens, Trump will have run out of excuses: This will officially become his economy, for better or worse. For example, in CNN’s most recent poll on the economy, 61% of Americans said Trump’s policies have “worsened economic conditions in this country.” That’s a higher percentage than those who blamed Biden for the direction the economy had taken. Even though Powell was Trump’s own choice to lead the Fed, Trump has said his nomination was a mistake and that the next Fed chair will lower rates quickly. Lower interest rates can reduce businesses’ borrowing costs, unlocking capital for hiring and other expenses. Lower interest rates could, however, help bring mortgage rates down.

Source: CNN January 02, 2026 11:05 UTC