Trump Slams Fed Rate Hike, Demands Drastic Rate Cuts for US Economy

President Donald Trump responded quickly to the Federal Open Market Committee's decision to raise interest rates on Wednesday, calling for drastic and immediate reductions.

In a post on his Truth Social platform, Trump urged that the U.S. interest rate be lowered to 1% or less, citing the country's strong economic performance and booming investments.

He also claimed that if the U.S. stopped trading with countries it has deficits with, it would make at least $1.5 trillion per year.

The Fed announced a quarter-point rate hike to a range of 3.75% to 4%, marking its first increase in three years.

Fed Chair Kevin Warsh defended the decision, saying that the move will support a timelier return to the Fed's 2% inflation target and that broad financial conditions are not restrictive.