President Donald Trump advocated Friday for the Federal Reserve to further lower interest rates.

The Federal Reserve dropped its key interest rate in July for the first time in a decade, and is expected to cut rates by another quarter point when it meets later this month.

Trump tweeted Friday, “the Fed should lower rates. They were WAY too early to raise, and Way too late to cut.”

The president has repeatedly questioned the Federal Reserve’s monetary policy decisions and encouraged rate cuts as a way to boost economic growth, despite robust job growth and near record-low unemployment.

The push from Trump highlights the larger question of the Federal Reserve’s independence from political influence. Here’s why that matters:

The issue

The Federal Reserve walks a tight balance between maintaining low unemployment and preventing the economy from heating up and unleashing inflation. Its decisions impact groups differently: raising interest rates can be painful for borrowers and businesses seeking to invest and expand; lowering them can hurt savers and those who depend on fixed income.

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