Trump calls for slashing interest rates to '1% or less' after the Fed's first hike in 3 years

President Donald Trump said he wants lower interest rates. Aaron Schwartz / AFP via Getty Images The Fed hiked interest rates by a quarter point on September 16. President Donald Trump wants to cut, writing on Truth Social that rates should be 1% or less. Chair Kevin Warsh might face more political pressure from the White House. The Fed hiked interest rates for the first time in three years — and President Donald Trump isn't thrilled. "Interest Rates in the United States should be 1%, or less, because we are the Best Credit in the World — BY FAR," he wrote on Truth Social. "Our Country is BOOMING with new Investment!" While Trump didn't mention him by name in the post, Chair Kevin Warsh faced a massive test of Fed independence Wednesday.