Two months before the 2024 election, the Federal Reserve led by former Federal Reserve Chairman Jerome Powell cut interest rates by 50 basis points when the core CPI was 3.3%; Two months before the 2026 midterm elections, Federal Reserve Chairman Kevin Walsh raised interest rates by 25 basis points when the core CPI was 2.4%. US President Trump chose Federal Reserve Chairman Kevin Walsh as chairman, but after taking office, Federal Reserve Chairman Kevin Walsh raised interest rates citing the strengthening US economy, high inflation, and geopolitical risks caused by the US crackdown on Iran.
