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Powell Folds, Markets Rally; Interest Rates Likely to Fall Next Month

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Mortagage Rate Falling Free Image AdobeStock_615350288

WASHINGTON, D.C.– Federal Reserve Chairman Jerome Powell indicated in his speech to business leaders in Jackson Hole, Wyoming, that the softening job market is a cause for concern and that he is likely to cut interest rates next month.

While President Trump has not yet commented on Powell’s remarks, the President doubled down on his call for Federal Reserve Governor Lisa Cook to resign:

“I will fire her if she doesn’t resign,” Trump said.

Following these announcements, the Dow surged past a new intraday record, climbing over 900 points after the President’s and Powell’s comments.

The Trump Administration is pushing for a complete overhaul of the Federal Reserve. One governor resigned last month, and the administration wants both Cook and Powell out. Powell’s term expires in February, and he will not be reappointed.

Economic Update: The Congressional Budget Office reported Friday that Trump tariffs could reduce the deficit by $4 trillion. “I was very happy Friday that the group that does this—a government group, radical left group—announced that Trump was right about something: $4 trillion worth of tariffs,” President Trump said.

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Make DC Safe Again

“DC is a miracle, what’s happened. DC was a hellhole and now it’s safe,” President Trump said in a briefing with the White House press pool Friday.

“I think the mayor [Washington D.C. Mayor Muriel Bowser] has to get on the ball, because we have a situation, and she’s a nice woman, but I tell you what—she’s got to get on the ball. I don’t want to see phony [crime] numbers.”

Trump commented on the National Guard deployment in D.C.: “The big question is how long do we stay? Because we want to make sure it [the crime] doesn’t come back. So we have to take care of these criminals and get them out.”

Defense Secretary Pete Hegseth authorized National Guard troops to carry weapons Friday.

Trump says he is asking Congress for $2 billion to clean up the district. The President said he has had conversations with Speaker Mike Johnson and Senate Majority Leader John Thune about securing the funding. In the press pool, Trump also indicated he would declare a national emergency to keep troops in D.C. beyond the 30-day limit if needed, though he prefers not to.

“D.C. is becoming the safest place on earth,” the President added. “Chicago will be our next one after this.”

“After we do this, we’ll go to another location. We’ll make it safe—we’re going to make our cities very, very safe,” Trump said. “Chicago is a mess. You have an incompetent mayor, grossly incompetent. We’re going to straighten that out. Probably that’ll be our next one after this, and it won’t even be tough. And the people in Chicago, they are screaming for us. They’re wearing red hats.”

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👉 ALERT! Special JFMN LIVE Broadcast from the White House Media Row on Monday, August 25 from 12-3 PM 💥

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Epstein Files Release

The Department of Justice announced Friday that they will be releasing a tranche of Epstein files to the House Oversight Committee.

“People shouldn’t be hurt, but I’m in support of keeping it totally open,” President Trump said.

“I couldn’t care less. You got a lot of people that could be mentioned in those files that don’t deserve to be—because he [Epstein] knew everybody in Palm Beach. I don’t know anything about that, but I have said to Pam [Bondi] and everybody else: give them everything you can give them, because it’s a Democrat hoax. It’s just a hoax.”

 

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