Peter Navarro, the White House's senior counselor for trade and manufacturing, wrote an op-ed arguing the Federal Reserve should cut interest rates now that July's headline inflation cooled to 3.4 percent. He blamed the still-elevated number on energy costs tied to the conflict in Iran, insisting tariffs are not driving prices up.
The Fed's rate-setting committee voted 9-3 in July to hold rates steady, citing inflation still above its 2 percent target and uncertainty from Middle East conflict. Trump has previously pushed for aggressive cuts and grumbled that the Fed's board is 'very political' even under his own pick, Chair Kevin Warsh.
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