Trump Praises Jobs Data, Renews Call for Lower Rates

This marks an explicit political push on monetary policy at a moment when the Fed's independence is under scrutiny, with the new chair now directly in the crosshairs. The framing of rates as an 'unfair disadvantage' signals that trade and currency dynamics are being tied to domestic rate decisions, which could add volatility to rate expectations. Whether the Fed yields to this pressure or holds its line on data will be the key signal for markets watching policy credibility.