Trump Pressures Fed to Cut Interest Rates Amid Ongoing Inflation Concerns

US President Donald Trump has called on the Federal Reserve to cut interest rates in light of ongoing inflation concerns. Speaking from Air Force One, Trump praised Kevin Warsh, the new head of the Fed, for doing a 'fantastic' job but criticized the Reserve Board as 'very political', suggesting that some members may have 'bad intentions'.

The Federal Reserve is set to announce its next rate decision on July 29. The current interest rates are held between 3.5% and 3.75%, as decided in June's meeting, which was Warsh's first as chairman.

A split among Fed officials regarding future rate adjustments has been revealed in the meeting minutes. Some advocate for rate hikes due to persistent inflation, while others suggest potential rate cuts if inflation subsides.