While President Donald Trump criticized the Fed board as hostile and political, he said he relies on Chair Kevin Warsh
President Donald Trump expressed continued confidence in Federal Reserve Chair Kevin Warsh on Wednesday, even though the central bank did not heed his demand to slash interest rates to 1% or less.
This week, the Federal Open Market Committee unanimously voted for a 25-basis-point rate hike, raising the interest rate to around 3.75% to 4%. It marked the Fed’s first rate increase since 2023.
While Trump criticized the Fed board as hostile and political, he said he relies on Warsh.
He also added that he told Warsh, “You might as well vote with the board. It’s not going to matter.”
Warsh defended the rate increase, citing persistently elevated inflation.