After the Federal Reserve cut interest rates for the first time since the onset of the COVID-19 pandemic, Chairman Jerome Powell explained in a statement that the “economy is strong overall” while “inflation has eased substantially,” and he cited recent, and projections for continued, stable economic growth as reasons it was an opportune time to begin implementing a rate reduction. 

Powell also shut down questioning from a Fox Business reporter that the cut had “some political motivations,” explaining: “Our job is to support the economy on behalf of the American people.”

Ignoring everything Powell said, Fox News and Fox Business figures reacted to the rate reduction by falsely claiming it was done for political reasons — to affect the presidential election for Democrats’ benefit — and suggesting that it meant the economy was weak. 

This follows a Fox-led effort to bully the Fed away from rate cuts before the election and false claims by conservative media about the strength of the economy, especially the improving inflation picture.