Trump Slams Fed for High Interest Rates Amid $40 Trillion Debt

President Donald Trump has renewed his pressure on the Federal Reserve to lower US interest rates. He argues that despite strong economic data, the Fed is keeping borrowing costs too high by not cutting rates. The criticism comes as the Fed's July minutes show officials expect higher rates may still be necessary unless inflation improves further.

Trump points out that other countries, such as Switzerland, have benchmark rates near zero, while the US has a nearly $40 trillion debt. He believes rate cuts are needed to support growth and ease financing costs tied to the nation's debt.

The Fed has not raised its benchmark rate in more than three years, but Trump wants further easing. The Treasury Department has expanded its bond buyback program, targeting debt with maturities of at least 10 years after a rise in longer-dated yields.