Trump demands 1% or lower interest rate after first Fed hike since 2023

BREAKING: Trump demands the Federal Reserve slash interest rates to 1% 'or less', hours after the central bank delivered its first rate hike since 2023.

One percent or less. That's where Trump wants interest rates, hours after the Fed just raised them.

The demand came on Truth Social, all caps and everything, and you can see him here. We are carrying almost every country in the world, he wrote, and that cannot go on any longer. Lower the interest rates for the United States of America, and fast. His words, his capital letters.

Now remember who's running the Fed. Kevin Warsh, Trump's own pick, and this afternoon Warsh's committee voted to hike a quarter point, taking the range to 3.75 to 4 percent. Unanimous, all twelve members. So the president's handpicked chairman just moved rates in the exact opposite direction, and didn't lose a single vote doing it.

To get to 1 percent from here, the Fed would need roughly a dozen cuts. Tonight it delivered a hike instead. That's not a disagreement, that's a canyon.

This is Angel Manalo, reporting for HIT.