Trump supports ‘fantastic’ Warsh; calls for lower rates; cites the “bad intentions” of others

U.S. President Donald Trump during an announcement in the Oval Office of the White House in Washington, DC, U.S., Friday, July 24, 2026.

Bonnie Cash | Bloomberg | Getty Images

President Donald Trump on Monday expressed support for Federal Reserve Chairman Kevin Warsh while insisting the United States should have the lowest interest rates in the world.

While supporting his choice to lead the central bank, Trump questioned the motivations of other members of the Fed’s Board of Governors who did not want to ease monetary policy.

“Kevin is fantastic, but he has a board and the board members are very political, I would say,” the president said during a session with reporters on Air Force One. “He wants to do the right thing. I know what he wants to do.”

The president’s comments came two days before the Federal Open Market Committee, or FOMC, released its latest interest rate decision. Markets are pricing in a strong chance that officials will vote to maintain the status quo, as they have done all year, although they are leaving open a one-in-three chance of a quarter-percentage-point hike, according to the CME Group’s FedWatch tool.

Several Fed officials have expressed concern in recent days about continued high inflation. Dallas Fed President Lorie Logan, a voting member of the FOMC this year, has been the most explicit in calling for policy tightening, saying benchmark rates should be “slightly higher.”

In his remarks, Trump, as he has in the past, accused Fed officials of having ulterior motives.

“We need the consent of certain people who perhaps have bad intentions. Rates should be lowered. This country could be at 8%, 9%, 10%, 12% [annualized growth of] GDP. This is what it should be,” he said.

“We should have the lowest interest rate in the world, as it was 30 years ago,” he added.

The Fed’s benchmark overnight borrowing rate is currently targeted at a range between 3.5% and 3.75%, where it has been since the central bank lowered it by three-quarters of a percentage point in the second half of 2025.

The rate is essentially the same as the Bank of England, but is higher than the European Central Bank’s 2.25%, Japan’s 1% and China’s 3%.

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