Trump Slams Fed Over Interest Rate Hike, Demands 1% or Lower

US President Donald Trump has lashed out at the Federal Reserve after it raised interest rates for the first time in over three years. The move, announced on September 16, was widely expected and was fueled by rising inflation amid the ongoing war in Iran.

In a statement on his Truth Social platform, Trump demanded that interest rates be slashed to 1 percent or lower, claiming that the US is the best credit in the world and that higher rates are putting the country at an economic disadvantage. He also threatened to stop trading with countries running trade surpluses with the US if the Fed refused to lower rates.

However, Federal Reserve Chair Kevin Warsh defended the rate hike, stating that it was necessary to ensure stable prices and that the decision was made in line with Congress's remit. Warsh declined to discuss any conversations he may have had with Trump about the interest rate decision.