Senate Minority Leader Chuck Schumer (D-NY) took to the Senate floor Wednesday, calling the GDP number a “mirage” and raising questions about the economic data released by the Commerce Department. SEN.

In theory, sturdy economic growth eases pressure on the Fed to lower interest rates, since consumers and businesses appear undeterred by high borrowing costs. If growth begins to slow, the Fed could seek to lower interest rates as a means of boosting economic performance.

While Trump has effectively wielded tariffs as a cudgel to reset the terms of trade, the economic impact is uncertain as most economists expect a slowdown in U.S. growth and greater inflationary pressures as some of the costs of the taxes are passed along to domestic businesses and consumers.

The Federal Reserve on Wednesday announced it will not lower interest rates, refusing once again to obey President Trump’s persistent demands to do so. In explaining the decision, Fed Chair Jerome Powell pointed to Trump’s tariffs and their impact on the economy.

The Federal Reserve is expected to leave interest rates unchanged on Wednesday, even as President Donald Trump continued to push the U.S. central bank to cut borrowing costs. Trump, who last week made a rare presidential visit to the Fed's headquarters in Washington as part of a campaign to pressure Fed Chair Jerome Powell,