Trump presses for rate cuts, says he knows what Fed Chair Warsh wants to do

President Trump is back to his favorite hobby: publicly arm-twisting the Federal Reserve. This time, the target is a chair he personally installed. Trump stated he knows what Fed Chair Kevin Warsh wants to do, expressing support for interest rate cuts. The comment lands at a particularly awkward moment, with the Fed having just held rates steady at 3.5-3.75% during Warsh’s first policy meeting on June 17, 2026, and inflation stubbornly running above 4%. A chair of his own choosing Trump nominated Warsh on March 4, 2026, and the new chair was sworn in on May 22, 2026, replacing Jerome Powell. The president has made no secret of his desire for the “lowest interest rate in the world.” With inflation north of 4%, slashing rates aggressively would be the monetary policy equivalent of pouring gasoline on a campfire you’re trying to put out. Warsh has signaled a commitment to bringing inflation back down to the Fed’s 2% target. Bitcoin feels every tremor The crypto market’s reaction to Warsh’s first rate decision was swift and predictable. Bitcoin dropped to approximately $64,800 after the Fed held rates steady before stabilizing near $65,300. Economists are currently speculating that War...