Republican presidential candidate Donald Trump said on Thursday the U.S. Federal Reserve's decision to cut interest rates by half of a percentage point was "a political move."

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This is not something that the Fed can really fix,” he said after delivering a historic rate cut.

The U.S. central bank might have begun cutting interest rates in late July had it known that the labor market was cooling as fast as it has been, Federal Reserve Chair Jerome Powell said on Wednesday.

Federal Reserve Chair Jerome Powell said during a Wednesday press conference that the first interest rate cut since 2020 is designed to maintain the strong U.S. economy.

After the Federal Reserve announced a 0.5% interest rate cut, Fed Chair Jerome Powell stated that the economy is strong and has made significant progress over the past two years. He noted that the labor market has cooled from its previously overheated state,

The rate cut was intended to prevent further deterioration of the formerly roaring labor market. The unemployment rate has risen all year although it's still not high by historical standards. Fed officials aim to bring the economy in for a "soft landing" from the post-pandemic burst of inflation rather than an economic crash.