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Trump Demands Fed Slash Rates to 1 Percent After Historic Hike
(MENAFN) US President Donald Trump renewed his push Wednesday for the Federal Reserve to slash interest rates dramatically, insisting the nation's creditworthiness warrants historically low borrowing costs.
"Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World -- BY FAR," Trump wrote on his Truth Social platform, adding the country "is BOOMING with new Investment!"
He also raised the possibility of severing trade relationships with nations that run surpluses against the US.
"If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year," he wrote.
Trump argued that "the word 'Deficit' is nothing more than a fancy word for LOSS," claiming the US is "'carrying' almost every country in the World."
"LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!" he added.
Speaking to reporters after landing in North Carolina later Wednesday, Trump said he had spoken with Federal Reserve Chairman Kevin Warsh and told him: "You might as well vote with the (Federal Reserve) board because it's not going to matter."
"The board is hostile, they're very political," he added.
"Interest rates are too high ... We should be paying the lowest interest rates anywhere in the world because we have the strongest credit," he said.
He also said he wants the Fed to remain "independent."
The remarks followed a unanimous vote Wednesday by the Federal Open Market Committee (FOMC), chaired by Warsh, to raise the benchmark interest rate by 25 basis points—the central bank's first hike in more than three years, driven by persistently elevated inflation.
Trump has repeatedly clashed with the Fed over its rate policy, pushing for borrowing costs as low as 1% or lower.
"Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World -- BY FAR," Trump wrote on his Truth Social platform, adding the country "is BOOMING with new Investment!"
He also raised the possibility of severing trade relationships with nations that run surpluses against the US.
"If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year," he wrote.
Trump argued that "the word 'Deficit' is nothing more than a fancy word for LOSS," claiming the US is "'carrying' almost every country in the World."
"LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!" he added.
Speaking to reporters after landing in North Carolina later Wednesday, Trump said he had spoken with Federal Reserve Chairman Kevin Warsh and told him: "You might as well vote with the (Federal Reserve) board because it's not going to matter."
"The board is hostile, they're very political," he added.
"Interest rates are too high ... We should be paying the lowest interest rates anywhere in the world because we have the strongest credit," he said.
He also said he wants the Fed to remain "independent."
The remarks followed a unanimous vote Wednesday by the Federal Open Market Committee (FOMC), chaired by Warsh, to raise the benchmark interest rate by 25 basis points—the central bank's first hike in more than three years, driven by persistently elevated inflation.
Trump has repeatedly clashed with the Fed over its rate policy, pushing for borrowing costs as low as 1% or lower.
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