Trump Slams Fed's Interest Rate Hike, Blames 'Hostile' Board
President Donald Trump expressed his disapproval of the Federal Reserve's recent decision to raise interest rates, stating that Fed Chair Kevin Warsh should have voted against it. In an interview with Time magazine, Trump said he wouldn't blame Warsh personally for the move, but rather attributed it to a 'very hostile' and 'political' board.
Last month, the Fed increased its benchmark rate by a quarter point, with officials signaling another potential hike later this year due to inflation above the 2% goal. Trump has long pushed for lower borrowing costs, even calling on the central bank to slash its benchmark rate to 1% 'or less'.
Trump claimed that Warsh is controlled by a board stacked with appointees from previous administrations, including Obama and Biden picks. He stated that he doesn't regret nominating Warsh, but rather sees him as being influenced by the broader board's decisions.