Trump Attacks Fed Rate Hike: 'Interest Rates Should Be 1% or Less'

US President Donald Trump took to his social media platform Truth Social to express his dissatisfaction with the Federal Reserve's decision to raise interest rates by 25 basis points to 3.75-4.00 per cent. The move was made in an effort to combat inflation, which has been a persistent issue for the country.

Trump wrote that he believes interest rates should be '1% or less' and called on the Fed to lower them 'for the United States of America, and fast!' This is the closest Trump has come yet to directly criticizing his hand-picked Federal Reserve chief, Kevin Warsh. However, he later told reporters that he still had confidence in Warsh.

Warsh had described the rate hike as a 'sober decision, serious decision, responsible decision' and stated that inflation is too high and has been for too long. The Fed's new policy projections showed 16 of 18 policymakers anticipate at least one more quarter-percentage-point hike by the end of this year.