Trump urges Fed to cut rates below 1%
The U.S. Federal Reserve raised interest rates for the first time in three years, by 25 basis points, bringing the range to between 3.75% and 4%. In response, President Trump called on the Federal Reserve to cut rates to 1% or lower, believing that America possesses the world's best credit rating and that reducing borrowing costs is necessary to support the economy. Trump affirmed that the rate hike was driven by political reasons, aiming to negatively showcase his administration's performance, describing the Fed as "hostile," and admitting that the increase was intended to erode his economic image.
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