'Fed wants US economy to do badly...': Trump targets Federal Reserve over Mortgage rates

US President Donald Trump on Wednesday (October 7) criticized members of the Federal Reserve Board over rising mortgage rates, saying they wanted to see the country "do badly" and arguing that interest rates should be lower. Speaking in the Oval Office, Trump said the United States should be paying the lowest interest rates in the world because of its economic strength, while blaming Federal Reserve policymakers for keeping borrowing costs elevated. Treasury Secretary Scott Bessent said higher inflation had been driven by an energy shock linked to the conflict with Iran, but argued underlying inflation was moving closer to the Fed's target. Bessent said mortgage rates and longer-term Treasury yields should ease once energy markets stabilize.