In their first meeting under the new Trump administration, The Federal Reserve opted to hold interest rates steady at 4.5%, and one economist believes that's a good thing.
"In reality, they should not be cutting rates right now" said Joel Griffith, senior fellow at Advancing American Freedom, "We have inflation that is ticking up, and a lot of the blame is going to be placed on president Trump now that he's president but the fact is this inflation that we're experiencing is also from the massive spending under president Biden."
For 4 years, The Fed (which is supposed to be bipartisan) had nothing but glowing praise for the Biden administration, but now suddenly everything has changed with Trump back in office.
"Some fairly bad news here" Griffith told KTRH, "We're talking about lower growth, higher unemployment, and higher inflation."
But there is some good news. Griffith believes Trump's plan will succeed moving forward, and there are still rate cuts projected for later this year.
In the short term, all eyes are on the Trump tariffs.
Photo: Kevin Dietsch / Getty Images News / Getty Images
