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Ill demand that interest rates drop immediately, he said during the address.
Whether or not Trumps demands will actually be met remains to be seen.
Here are some of the ways Bartlett saidlower interest rates could improve your finances.
Reduced APRs make it easier to pay down balances faster with less interest accumulation.
Businesses may also lower prices as they pass savings on loans down to their customers.
If borrowing costs for businesses decline, companies can financeexpansion or capital improvementsat a lower cost, Bartlett said.
These savings can be passed on to consumers in the form of lower prices for goods and services.
Cheaper Rent
Decreased interest rates can have a ripple effect that leads to lower rent prices.
When interest rates drop, mortgage rates typically follow suit, making home purchases more affordable, Bartlett said.
This can contribute to reduced energy prices, especially if the energy market is more competitive.
These savings can be passed down in the form ofreduced electric billsfor consumers.
Lower interest rates could help farmers access cheaper financing for purchasing equipment or expanding production, Bartlett said.
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