The Federal Reserve’s decision on Wednesday to slash interest rates by half a percentage point quickly became a source of humor on social media, with many joking about how former President Donald Trump might react. The rate cut, seen by experts as a sign that inflation is easing, could strip Trump of a key talking point against Vice President Kamala Harris.
Comedian Jay Black was quick to capture the sentiment, writing, “The Fed just cut interest rates by half a point. The sound you just heard was the stomachs of Trump campaign staffers dropping through the floor like they were Truth Social stock.”
MSNBC host Chris Hayes chimed in with his own joke aimed at Trump’s campaign rhetoric: “Trump promised to get interest rates down yesterday and he’s already delivering.” Comedian Dana Goldberg humorously predicted Trump’s likely spin on the rate cut. “Mark my words,” she wrote, “Trump will spin the interest rate cut claiming it happened because the Fed Reserve is projecting him to win and in reality, it has zero to do with him.”
The New York Times Pitchbot, a popular satirical account on social media, imagined how political coverage might frame the news, quipping: “The Federal Reserve, citing stabilized inflation, cut interest rates for the first time since 2020. Here’s why that’s bad news for Joe Biden and Kamala Harris.”
While comedians made light of the situation, Republican Senator Tommy Tuberville (R-AR) took a more serious approach, accusing Federal Reserve Chairman Jerome Powell of playing politics. “Proud of Fed Governor Miki Bowman for bucking Jay Powell,” Tuberville wrote.
“The Fed’s drastic rate cut is shamelessly political. Our nation’s central bank has no business moving rates this close to an election and is clearly trying to tip the balance in favor of Kamala Harris.” Critics of Tuberville were quick to point out the irony, noting that Powell, a Republican, was appointed by Trump in 2018, further fueling the humorous back-and-forth online.