Internet reports that on July 28 local time, US President Trump said that the Federal Reserve must cut interest rates. Trump said,"Even if we don't cut interest rates, the United States will do well, but it will be better after cutting interest rates." Federal Reserve Chairman Powell's term ends in May 2026. Powell's Federal Reserve is reluctant to lower its benchmark interest rate to 1% from its current target range of 4.25% to 4.50% as Trump asked to reduce the federal government's borrowing costs. Trump was dissatisfied with this and repeatedly threatened to let Powell "go."