'Stomachs dropping like Truth Social stock': Trump ridiculed as Fed rate cut boosts Harris

Kathleen Culliton
September 18, 2024 

Jerome Powell said economic data had not given the Fed 'greater confidence' that US inflation was coming down sufficiently (Mandel NGANAFP)

The Federal Reserve's decision Wednesday to slash interest rates spurred an outpouring of jokes about how former President Donald Trump would respond.

Experts say the Fed's move to slash rates by half a percentage point suggests inflation is easing — and comedians on X predict Trump will be outraged to lose one of his most powerful lines of attack against Vice President Kamala Harris.

"The Fed just cut interest rates by half a point," wrote comedian Jay Black. "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 joined in on the revelry with a quip aimed at Trump's campaign rhetoric, writing "Trump promised to get interest rates down yesterday and he’s already delivering."

"Mark my words," wrote comedian Dana Goldberg. "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 satirical social media account that pokes fun at the New York Times' political coverage, predicted a headline for Thursday's edition.

"The Federal Reserve, citing stabilized inflation, cut interest rates for the first time since 2020," wrote the bot. "Here's why that's bad news for Joe Biden and Kamala Harris."

Meanwhile, Republican Sen. Tommy Tuberville (R-AR) took to X to complain Federal Reserve Chairman Jerome Powell had prioritized politics over economics.

"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."

As one of Tuberville's critics pointed out, Powell is a Republican who was appointed by Trump in 2018.