Federal Funds Effective Rate: rising from 0.11 to 3.63 (2015-01-01 to 2026-06-01).
Federal Funds Rate, 2015–2026. ¹
  • President Donald Trump invoked communism 81 times in public comments from June 23 to July 6, according to a Reuters analysis, after a string of left-wing Democratic primary victories.
  • Preliminary focus group findings from Trump’s team show the message strongly energizes his base and could boost turnout among infrequent Republican voters, according to two people familiar with the matter.
  • The message appears less effective with independents — often decisive in closely fought contests — and younger voters who did not live through the Cold War, the same findings indicated.
  • The strategy allows Republicans to portray Democrats as extreme rather than defend Trump’s record on the high cost of living; the effective federal funds rate stood at 3.63% in the most recent monthly reading.

Focus groups show message resonates with base but falls flat with independents

President Donald Trump has sharply escalated his warnings about a “communist takeover” of the Democratic party ahead of November’s midterm elections, invoking the theme 81 times in public comments over a two-week period as his political team tests whether the message can drive GOP turnout beyond his core supporters, according to a Reuters analysis of Trump’s public comments from June 23 to July 6.

Preliminary findings from Trump’s team’s focus groups suggest the message strongly energizes Trump’s base and could boost turnout among infrequent Republican voters, according to two people familiar with the matter. But it appears less effective with independents — often decisive in closely fought contests — and younger voters who did not live through the Cold War, the same people said.

The success of democratic socialists and other progressive candidates in Democratic primaries in Colorado, Kentucky, New York, Ohio, Texas and elsewhere has given Trump and his fellow Republicans what they describe as a fresh line of attack: portraying Democrats as extreme rather than defending Trump’s record on tackling the high cost of living. As MSI reported last week, Trump called some of the victorious candidates “hardcore, godless communists.”

The effective federal funds rate stood at 3.63% in the most recent monthly reading, a level that keeps borrowing costs elevated for consumers and businesses — a persistent economic headwind the Trump campaign has not made the centerpiece of its midterm argument.