Trump Backs Warsh While Pushing for Lower Interest Rates and Lower GDP

US President Donald Trump has expressed his support for Federal Reserve Chairman Kevin Warsh while calling for lower interest rates. During an announcement in the Oval Office, Trump said that Warsh is 'fantastic' and wants to do the right thing. However, he criticized other Fed officials for not wanting to ease monetary policy.

Trump questioned the motives of the Fed's Board of Governors, stating that they are 'very political.' He also expressed concern about the current interest rate range of 3.5%-3.75%, saying that it should be lower. The president cited his desire to see the US GDP reach levels as high as 12%.

Several Fed officials have recently expressed concerns about persistently high inflation, with some calling for tighter policy. Dallas Fed President Lorie Logan was explicit in her call for higher rates, saying they should be 'modestly higher.' Trump dismissed these views, stating that the Fed officials may have 'bad intentions' and that lower rates would benefit the economy.