President Trump blasted the Federal Reserve's monetary policy on Wednesday, arguing forcefully that the federal funds rate should be slashed. He emphasized that recently released robust macroeconomic data must not serve as an excuse for the central bank to maintain a hawkish stance. To support economic expansion and ease the funding burden of the nearly $40 trillion national debt, he has continuously called for an accelerated pace of rate cuts. While criticizing the interest rate policy, Trump accused the Fed's Board of Governors of operating in a highly politicized manner. He argued that because the board still retains officials appointed by previous administrations, these individuals tend to lean toward rate hikes in interest rate votes. However, he specifically exempted current Fed Chair Kevin Warsh from his criticism, praising his performance since taking office in May. Despite the Fed's recent series of benchmark rate cuts, internal divisions persist within the central bank over further monetary easing. The minutes from the latest meeting reveal that a majority of officials favor keeping rates elevated until substantial progress is achieved on inflation. U.S. economic growth slowed to 1.5% in the second quarter, missing market expectations, while inflation remains well above the 2% target. The combination of cooling growth and sticky prices poses a significant challenge to the monetary policy pivot. Trump also compared U.S. rates to those of Switzerland, noting that the Swiss benchmark rate is around 0.5% compared to the 3.5% in the U.S. He argued that the U.S. is bearing disproportionate borrowing costs and even hinted at wielding the power to cut off bilateral business ties. As the central bank treads cautiously, the U.S. Treasury has intervened in the long end of the market by announcing an expansion of its bond buyback program, focusing on long-dated bonds with remaining maturities of over 10 years. This move is designed to alleviate liquidity pressures stemming from the surge in long-term debt issuance and to improve trading conditions in the long end of the market.