Trump offers fiery response to Federal Reserve rate hike

President Trump offered a fiery response to the Federal Reserve’s decision to hike interest rates on Wednesday, demanding instead that rates be drastically lowered quickly.

“Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World — BY FAR. Our Country is BOOMING with new Investment!” Trump wrote in a TruthSocial post.

“If we stopped Trading with every country that we have a Deficit with, which is most of them, we would make, at least, 1.5 Trillion Dollars a year,” the president continued.

The president went on to note the U.S. is “carrying’ nearly every country and “that cannot go on any longer.”

“LOWER THE INTEREST RATES FOR THE UNITED STATES OF AMERICA, AND FAST!” Trump said.

Trump’s reaction came about two hours after the Federal Reserve announced it would increase interest rates by a quarter point to four percent, marking the first interest rate hike in three years.

Federal Reserve Chair Kevin Warsh argued that the move will “support a timelier return” to the Fed’s 2 percent inflation target.

“I would be hard pressed to describe broad financial conditions as restrictive,” he told reporters. “This view was widely shared by the committee, so we removed a dose of accommodation.”

Warsh was nominated by Trump to replace former Fed Chair Jerome Powell, whose term expired in May.

The president had repeatedly hammered Powell over his decision not to lower interest rates. Amid the president’s criticism, the Justice Department launched an investigation into Powell over his handling of two of the central bank’s buildings in Washington, D.C. amid Trump’s criticism, but later dropped the probe.

Powell remains a regular member of the Fed board.