Explain how the Fed's refusal to lower interest rates may affect the President's
popularity.

The refusal of Fed would lead to increase in job creation and growth leading to increase in popularity of the president.

Explanation:

The federal reserve refused to increase the rate of interest which led to the increase in the creation of the jobs and more employment opportunities for the people of the economy.

This would lead to the increase in the growth and the development of the country and the economy. Thus there would be increase in the popularity of the President because during that tenure the economy is seeing growth and development.