Trump (Donald Trump), the U.S. president, said during a reporter interview on Air Force One on July 28 that he supports Federal Reserve Chair Kevin Warsh. He called him “very outstanding,” but criticized other members of the board as “very political.” Trump directly accused: “You need to get approval from some people who may have ulterior motives; interest rates should be lowered. The United States should have the lowest interest rates in the world, just like 30 years ago.”
Trump Air Force One interview: Warsh “very outstanding”
Based on Trump’s public remarks on July 28, he said that while backing Warsh, he also clearly criticized other members of the Federal Reserve Board of Governors. Trump said: “Kevin is great, but he has a board, and the board members are all very political. He wants to do the right thing. I know what he wants to do.”
He also said: “You need to get approval from some people who may have ulterior motives. Interest rates should be lowered. This country’s GDP annual growth rate can reach 8%, 9%, 10%, 12%. That’s the level it should be at,” as well as “We should have the lowest interest rates in the world, just like 30 years ago.”
FOMC July 30 decision: CME FedWatch shows the probability of a 25 bps hike is about one-third
Based on market data and statements from various parties, market expectations for the FOMC July 30 rate decision are as follows: markets broadly expect to keep the current target range of 3.5%-3.75% unchanged. The CME Group FedWatch tool shows that the probability of a 25 bps rate hike is about one-third.
Dallas Fed President Lorie Logan (a voting member of this year’s FOMC) is the most explicit official calling for tightening. She said the benchmark rate should be “raised slightly,” and expressed concern about persistently high inflation; several other Fed officials also hold a similar view.
Comparison of global major central bank interest rates: Fed 3.5-3.75% higher than ECB and Japan
According to the original text, the benchmark interest rates of major central banks are as follows:
Fed (United States): 3.5%-3.75% (kept unchanged after cutting rates by 0.75 percentage points in the second half of 2025)
Bank of England (UK): basically the same as the Fed
European Central Bank (ECB): 2.25%
Japan: 1%
China: 3%
Trump said U.S. interest rates should fall to the lowest level in the world, while current U.S. rates rank highest among the major central banks above.
FAQ
What is Trump’s main criticism of the Fed on July 28?
Based on the public interview on July 28, Trump criticized Fed Board members as “very political” and accused some members of “having ulterior motives” that hinder rate cuts; he said Warsh is “very outstanding,” but faces resistance from the board.
What are market expectations for the FOMC July 30 rate decision?
Based on broad market expectations and the CME Group FedWatch tool, the FOMC July 30 is likely to keep the current 3.5%-3.75% interest rate range unchanged, but the probability of a 25 bps hike is about one-third. Dallas Fed President Lorie Logan clearly called for a “slight increase” in rates.
How do current Fed interest rates compare with major central banks worldwide?
Based on the data in the original text, the Fed’s current rate of 3.5%-3.75% is higher than the European Central Bank (2.25%) and Japan (1%), roughly the same as the Bank of England, and higher than China (3%); Trump said the United States should bring rates down to the lowest level in the world.
