USPresident Donald Trump urged the Federal Reserve on Thursday to cut interestrates, stepping up pressure on the central bank after it raised its benchmarkrate by 25 basis points.
Trumpargued that cutting trade with countries where the United States runs deficitswould generate substantial revenue, claiming that the United States is“carrying” nearly every country and “that cannot go on any longer.”
TheFederal Open Market Committee voted unanimously to raise the federal funds rateby 25 basis points to a range of 3.75% to 4%, ending five consecutive meetingsin which the rate had remained unchanged.
Fed ChairKevin Warsh attributed the move to inflation, saying it was “too high and hasbeen for too long,” and called it a “sober” and “responsible decision.”
Despiteopposing the increase, Trump praised Warsh, saying he still had confidence inthe man he picked earlier this year to take over the Fed from Jerome Powell, afigure the president has frequently criticized for not delivering the sharprate cuts Trump has repeatedly demanded.
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