Trump calls for interest rate cut by more than 3%

US President Donald Trump renewed his attack on Federal Reserve Chairman Jerome Powell on July 14, calling for a sign1ificant interest rates cut.

Trump told reporters that interest rates should be reduced to 1%, or even lower than 1%, Reuters reported.

Earlier in the day, he said it would be great for the United States if Powell resigned from his position, adding that he has been "very bad for the country."

In contrast, Federal Reserve Bank of Cleveland’s President Beth Hammack said there is no urgent need to cut rates.

“We're pretty close to where the neutral rate is and so I see an economy that's resilient, I see one that's working really well, and I don't see a need to really reduce (interest rates) unless we see material weakening on the labor side,” she added.

The Federal Reserve has kept interest rates in the range of 4.25% to 4.50% since December, after reducing borrowing costs by 100 basis points in the last three meetings of 2024. It is expected to keep them unchanged in its upcoming meeting this month.