President Donald Trump expressed frustration on Wednesday that the Federal Reserve is not cutting interest rates further, accusing central bank officials of having political motives. He notably praised Kevin Warsh, whom he appointed as Fed chairman in May. The central bank has not raised rates in over three years and cut them three times in 2025, but Trump believes these reductions are insufficient given the nation’s nearly $40 trillion debt. The president compared U.S. rates around 3.5% to Switzerland, where the benchmark rate hovers near 0.5%.
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