Reading at Beginner level
The Federal Reserve — the U.S. central bank that controls interest rates — is scheduled to meet in about ten days to decide whether to raise rates. Interest rates affect how much it costs to borrow money for things like homes, cars, and credit cards. The Trump administration is actively trying to convince the Fed not to increase rates, arguing that a hike would hurt the economy.
Fed officials typically try to stay independent from political pressure, but the Trump administration's public campaign appears designed to sway the decision. The administration believes that keeping rates low will benefit economic growth and financial markets, even though the Fed's goal is to balance growth with controlling inflation.