Vance urges Fed rate cut despite inflation above target

Vice President JD Vance said Thursday that the Federal Reserve should lower its benchmark interest rate, arguing that recent inflation figures support a cut. The consumer price index rose 3.4% in July from a year earlier, while Fed officials have said inflation remains above the central bank’s 2% target.

Vance also said the United States was escorting oil tankers through the Strait of Hormuz amid Iranian attacks. He said about 15 million barrels moved through the strait Wednesday, compared with other administration figures of 17 million and 18 million barrels for nearby periods.

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