In a 60 Minutes interview, Jerome Powell stated clearly that his FED will not wait until inflation gets to 2% to cut rates.
In response to a question about the 2% inflation threshold Powell responded,
No, no, that's not what we say at all, no. We're committed to returning inflation to 2% over time. I've said that we wouldn't wait to get to 2% to cut rates.
Watch that Q&A here:
President Donald Trump last week blased Jerome Powell suggesting he was politically motivated and would be soon lowering rates to help the democrats. On a Fox News interview with Mornings with Maria on Sunday he said,
“I think he’s going to do something to probably help the Democrats, I think, if he lowers interest rates... It looks to me like he’s trying to lower interest rates for the sake of maybe getting people elected, I don’t know.” When asked if he would reappoint Powell if he won the election in November, Trump said, “No, I wouldn’t do that."