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- President Donald Trump demanded the Federal Reserve slash interest rates to 1% “or less,” hours after the central bank announced its first rate hike since 2023.
U.S. President Donald Trump gestures as he speaks to the media before boarding Air Force One at Joint Base Andrews in Maryland, U.S., en route to Myrtle Beach, South Carolina on Aug. 21, 2026. Evan Vucci | Reuters
President Donald Trump on Wednesday demanded the Federal Reserve slash interest rates to 1% “or less,” hours after the central bank announced its first rate hike since 2023.
“We are ‘carrying’ almost every country in the World, and that cannot go on any longer,” Trump wrote in a Truth Social post.
“LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!” he wrote.
The Fed, led by Trump-picked Chairman Kevin Warsh, earlier Wednesday afternoon raised benchmark interest rates a quarter percentage point, to a target range of 3.75%-4%.
The decision, by the 12-member Federal Open Market Committee, was unanimous.
“Inflation remains elevated,” the committee said in a statement following its latest meeting.
But Trump, who has relentlessly pressured the Fed to drastically lower borrowing costs, insisted in his Truth post that rates in the U.S. “should be 1%, or less, because we are the Best Credit in the World — BY FAR.”
“Our Country is BOOMING with new Investment!” wrote Trump, who has repeatedly claimed that the U.S. has raked in as much as $20 trillion or more during his second term. Fact-checkers say Trump’s figures are false.
“If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year,” Trump claimed in Wednesday’s post.
Less than two weeks earlier, Trump threatened that if the Fed doesn’t cut rates, he will cut off trade with countries that have trade surpluses with the U.S. That group includes most of the U.S.’s top trading partners, along with dozens of other countries.
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