Zaid

Add in the fact that while the labor market is cooling, the unemployment rate right now is near historic lows.

So the Fed is in no hurry to keep cutting rates.

And that's why President Trump is not a fan of Fed Chair Jerome Powell right now.

What's funny is that Trump was the one who nominated Jerome Powell to be Fed Chair during his first term back in 2018.

But since being reelected, President Trump has relentlessly attacked Powell for his refusal to lower interest rates.

Trump has called Powell a lot of names.

He's called him clueless.

He's called him enemy of the people.

He even called him a jerk.

But things really escalated this past week when Jerome Powell dropped a video on Sunday night announcing that the Department of Justice had opened a criminal investigation into the Federal Reserve and into Jerome Powell.

This investigation is supposedly about the cost overruns on the Fed's headquarter renovations.

But Jerome Powell made it clear that this criminal investigation was politically motivated because the Fed refused to drop interest rates to the level that the president wanted.

I mean, I watched the video on Sunday night.

It was shocking because it was the first time where Jerome Powell responded to the relentless attacks by Trump.

Now, I should point out that presidents in the past have pressured the Fed before.

Lyndon B. Johnson did it.

Richard Nixon also did it.

They wanted lower aides to help their poll numbers.

But a threat of a criminal investigation against a sitting Fed chair is uncharted territory.

Now, there's been pretty strong backlash to this investigation.