Trump demands lower interest rates after Fed decision
Summary
President Trump reacted to the Federal Reserve raising interest rates for the first time in three years by saying rates should be lowered quickly. The Fed increased the rate by 0.25% to between 3.75% and 4%, with officials expecting more hikes later this year.Key Facts
- The Federal Reserve raised interest rates by a quarter percentage point, to a range of 3.75%–4%.
- This is the first rate increase by the Fed in three years.
- Most Fed officials expect at least one more rate hike this year, with some predicting two.
- President Trump wants interest rates lowered to 1% or less.
- He said the U.S. is the best credit in the world and is experiencing strong investment growth.
- Trump suggested that trading deficits with other countries cost the U.S. at least $1.5 trillion a year.
- He called the budget deficit a loss and said the U.S. cannot support other countries financially anymore.
- Trump did not criticize the new Fed chair, Kevin Warsh, who was appointed by Trump.
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