HKS Authors

See citation below for complete author information.

Abstract

Central bankers generally use the “Taylor rule” to guide their policy decisions, raising rates when inflation is above target or the economy is growing too quickly, and lowering them when the opposite is true. Might Donald Trump have his own system for determining the optimal interest-rate level at a given time?

Citation

Frankel, Jeffrey. "Are Trump’s Criticisms of Fed Policy Based on Economic Conditions?" Project Syndicate, July 28, 2025.