Trump lashes out on US Fed chief after rate hike
US President Donald Trump stepped up pressure on Federal Reserve chief Kevin Warsh on Wednesday, demanding interest rates be cut to 1% or lower shortly after the central bank raised rates and signalled further increases may be needed to curb persiste...
President Donald Trump expressed his displeasure with Federal Reserve Chair Kevin Warsh on Wednesday, demanding interest rates be reduced to 1% or lower after the central bank raised rates and signaled further increases may be necessary to combat high inflation. Trump tweeted on Truth Social, "Interest rates in the United States should be 1 per cent, or less, because we are the best credit in the world – BY FAR," adding "LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!"
Warsh, appointed by Trump earlier this year, assured the public he remained confident in the chair's abilities, but acknowledged the board's hostility and political nature. The Fed unanimously raised the benchmark rate by 25 basis points to 3.75%-4%, with 16 of the 18 policymakers anticipating additional rate hikes by year-end. Warsh defended the decision, stating that inflation is excessively high and has persisted for too long. Trump also alluded to the US trade deficit, claiming it is detrimental and cannot continue.
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