Trump lashes out at Fed after Warsh backs rate hike
The president insists the interest rate should be 1% despite persistent inflation
President Donald Trump expressed his disapproval of the Federal Reserve's decision to raise interest rates, stating that the rate should be 1% or less due to the country being the best credit in the world. He urged for lower interest rates for the United States of America and criticized the central bank's decision as hostile, political and doing the wrong thing.
Trump, who had appointed Federal Reserve Chair Kevin Warsh, later confirmed that he had talked to Warsh and suggested that he should vote with the board since it would not matter. The Fed had unanimously agreed to raise rates by 25 basis points to 3.75 to 4 percent, citing inflation as the primary reason for the rate hike.
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Also reported by 4 other outlets
- US President Donald Trump says he told Fed Chair to 'do what you want' ahead of rate hike fxstreet.com
- Trump lashes out at Fed after Warsh backs rate hike investing.com
- Trump calls for slashing interest rates to '1% or less' after the Fed's first hike in 3 years businessinsider.com
- Trump demands interest rates be lowered 'fast' after Fed announces hike news.sky.com
