Trump Demands Fed Cut Rates to 1% or Lower After First Hike

Former U.S. President Donald Trump has demanded that the Federal Reserve cut the benchmark interest rate to 1% or lower. This comes after the Fed, under new Chair Kevin Warsh, raised rates by 0.25 percentage points for the first time since 2023, setting a target range of 3.75%-4%. Trump stated on Truth Social that 'the U.S. benchmark rate should be at 1% or below,' citing America's status as the world's top credit nation to argue for swift rate cuts. The Fed signaled potential further hikes in its post-meeting statement and economic projections released on April 16.