Trump calls for slashing interest rates to '1% or less' after the Fed's first hike in 3 years
The Federal Reserve hiked rates Wednesday for the first time in 3 years. President Trump said the FOMC should cut.
President Donald Trump expressed his desire for interest rates to be reduced to 1% or less after the Federal Reserve raised rates for the first time in three years. In a post on Truth Social, Trump stated that interest rates should be at 1%, or less, as the United States has "the Best Credit in the World — BY FAR." He affirmed that the country is experiencing a boom with new investment.
Chair Kevin Warsh faced significant challenges to the Federal Reserve's independence during the September 16 press conference, as Trump's demand for lower interest rates put him under political pressure. Trump had previously advocated for reduced rates during former Chair Jerome Powell's term, leading to inquiries from the Department of Justice into Powell's management of the Fed's Washington DC buildings and a mortgage fraud case against Governor Lisa Cook.
Warsh declined to comment on Trump during the press conference and emphasized the need for separate roles for the central bank and lawmakers.
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