Trump says interest rates should be at "1% or less" as Fed hikes them for first time since 2023
Summary
The Federal Reserve raised interest rates for the first time since July 2023. President Donald Trump said he believes interest rates should be at 1% or lower.Key Facts
- The Federal Reserve increased interest rates on Wednesday.
- This was the first rate increase since July 2023.
- Interest rates are the cost banks pay to borrow money, which affects loans and credit for people and businesses.
- Higher interest rates usually mean higher borrowing costs.
- President Donald Trump said interest rates should be at 1% or less.
- The Federal Reserve adjusts rates to manage the economy and control inflation.
- This rate change marks a shift in the Fed’s policy after several months of no increases.
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