Economists also note that the report showed that wages are growing at the lowest rate in years. Although Americans’ earnings are still outpacing inflation, average hourly earnings grew at an annual rate of 3.5% in November, whereas inflation grew at a 3% rate in September, marking the slowest pace since 2021.

The court has cited what it calls unique qualities that distinguish the Federal Reserve from other agencies and leave it independent of direct presidential control.

Jay Powell had warned that an interest rate cut this month was not a “foregone conclusion”. But on Wednesday, the Federal Reserve chair, in the final months of his tenure, marshalled the US central bank to reduce the main interest rate by 25 basis points in the face of three dissenting officials.

The survey results—based on nationwide responses collected in the days preceding December 16—reflect mounting discontent.