Ukraine receives new military pledges at UDCG meeting, EU to co-fund U.S. arms supply
Ukraine has secured major new military commitments from its allies during the 29th Ukraine Defense Contact Group (UDCG) meeting, including expanded ai...
U.S. President Donald Trump on Monday sharply criticised the Federal Reserve, claiming America should be paying ultra-low interest rates similar to Japan and Denmark.
“We should be paying 1% Interest, or better,” Trump wrote on Truth Social, sharing a chart of global rates with a mark indicating where he believes U.S. rates should be. He referred to Powell as “Jerome ‘Too Late’ Powell” and said the entire Federal Reserve Board “should be ashamed of themselves.”
According to Trump, the Fed’s current policy is costing the country “trillions of dollars in interest cost.”
“The Board just sits there and watches,” he added. “So they are equally to blame.”
The post comes as the Trump administration intensifies its pressure campaign on the Fed, arguing that rates remain too high despite subdued inflation and record-breaking markets.
Later in the day, White House Press Secretary Karoline Leavitt confirmed Trump had sent Powell a memo urging him to act.
At a briefing, Leavitt held up the note and read aloud. “Jerome, you are as usual too late. You have cost the U.S. a fortune and continue to do so. You should lower the rate by a lot. Hundreds of billions of dollars are being lost, and there is no inflation.”
She pointed to gains on Wall Street, saying the S&P 500 and Nasdaq had hit record highs thanks to Trump’s “economic boom.”
“President Trump is a businessman first. He knows how to grow this economy,” she said. “But the Fed needs to do its part. The American people want to borrow cheaply—and they should be able to.”
Trump has repeatedly criticised Powell since returning to The White House, often comparing U.S. rates unfavourably to those in Europe and Asia.
While the Fed has signalled caution on future cuts, Trump’s comments are expected to increase pressure ahead of upcoming policy decisions.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
Australian researchers have created a groundbreaking “biological AI” platform that could revolutionise drug discovery by rapidly evolving molecules within mammalian cells.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
Ukraine has secured major new military commitments from its allies during the 29th Ukraine Defense Contact Group (UDCG) meeting, including expanded air defence aid, long-range drone support, and a new co-financing arrangement between the EU and NATO for U.S. weapons deliveries.
The U.S. government has released more than 230,000 pages of documents related to the 1968 assassination of civil rights leader Dr. Martin Luther King Jr., nearly six decades after his death.
Severe flooding triggered by heavy monsoon rains has struck northern Pakistan, particularly in the Gilgit-Baltistan (GB) region, leaving at least three local tourists dead and 15 missing, according to authorities.
Ukrainian President Volodymyr Zelenskyy says a new round of talks with Russia is expected to take place in Türkiye on Wednesday, as part of efforts to end the war.
Russia and Ukraine are reportedly close to agreeing on a new round of peace talks in Türkiye this week, though the Kremlin stated that the two sides remain "diametrically opposed" in their positions on how to end the war.
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