In 2017, inflation, unemployment, and interest rates were all lower than today’s projections for 2025. In fact, Trump’s first year in office brought lower inflation and unemployment than the first year of any US president since 1977. Balancing “maximum employment” and price stabilityFor the Fed, Trump’s push for lower rates is particularly challenging, because—unlike most other central banks—it operates under a dual mandate. The report showed that in August, nonfarm payrolls grew by only 22,000 jobs, far short of the 75,000 projected, underscoring the fragility of the job market. Frustrated by the latest inflation and employment data, he wants low inflation, low interest rates, and a booming job market.