President Donald Trump has publicly backed Federal Reserve Chair Kevin Warsh, whom he appointed to succeed Jerome Powell earlier this year. Trump has repeatedly called for substantial interest-rate cuts, arguing that borrowing costs should be significantly lower.

Under Warsh, however, the Federal Reserve has so far kept its benchmark interest rate unchanged at 3.50–3.75%. Following the Fed’s latest meeting, Warsh indicated that persistent inflation remained a concern and that future policy decisions would continue to depend on economic data. Several policymakers favored tighter monetary policy.

Despite the continuing disagreement over interest rates, Trump defended Warsh as a “brilliant guy,” while directing his criticism toward other members of the Federal Reserve’s policymaking board.

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