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U.S. President Donald Trump gestures as he speaks to the media before boarding Air Force One at Joint Base Andrews in Maryland, U.S., en route to Myrtle Beach, South Carolina on Aug. 21, 2026.
Evan Vucci | Reuters
President Donald Trump on Wednesday demanded the Federal Reserve slash interest rates to 1% "or less," hours after the central bank announced its first rate hike since 2023.
"We are 'carrying' almost every country in the World, and that cannot go on any longer," Trump wrote in a Truth Social post.
"LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!" he wrote.
The Fed, led by Trump-picked Chairman Kevin Warsh, earlier Wednesday afternoon raised benchmark interest rates a quarter percentage point, to a target range of 3.75%-4%.
The decision, by the 12-member Federal Open Market Committee, was unanimous.
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