Just 16% of Americans back presidential power to determine interest rates and manufacturing operations - poll

Just 16% of Americans back presidential power to determine interest rates and manufacturing operations - poll

A significant downward revision in non-farm payrolls has sparked calls for the Federal Reserve to reevaluate its monetary policy. U.S. Treasury Secretary Bessent publicly urged the Federal Reserve to reassess its stance on Wednesday, citing that the latest revised employment data indicates that the economic conditions inherited by the Trump administration were significantly weaker than previously reported .

According to preliminary benchmark revision data released by the U.S. government on Tuesday, the non-farm employment figure for the year ending in March has been revised downward by 911,000, equivalent to an average decrease of nearly 76,000 per month. This marks the largest downward revision since 2000 .

Bessent stated during a media interview on Wednesday that the Federal Reserve "should" recalibrate its policies. He cited Keynes's famous quote: "When the facts change, I change my mind—what about you?" .

This move not only intensifies the public pressure on the Federal Reserve from the Trump administration but also adds to the tension surrounding the upcoming September policy meeting. Market investors will closely monitor whether this significant data revision and pressure from Bessent will prompt a shift in the Federal Reserve's policy balance .

A recent poll found that just 16% of Americans support presidential power to determine interest rates and manufacturing operations, highlighting the public's preference for an independent central bank . This suggests that while Bessent's call for policy change may gain traction within certain political circles, the broader public remains wary of presidential influence over monetary policy.

The revised data has raised questions about the credibility of labor statistics and intensified concerns regarding the health of the economy. The Federal Reserve will need to carefully consider these factors as it prepares for its next policy meeting on September 16-17 .

References:
https://news.futunn.com/en/post/61917580/annual-non-farm-payrolls-significantly-revised-downward-bessent-calls-for
Source: Gallup Poll, September 10, 2025