Donald Trump criticizes Fed as approval ratings hit record low

U.S. President Donald Trump has criticized the Federal Reserve, calling for lower interest rates following a surge in long-term mortgage rates. The 30-year fixed mortgage rate recently reached 7.49%, the highest level since November 2023. During a White House event, Trump suggested the Fed Board appeared to want the country to struggle, emphasizing that U.S. interest rates should be the lowest in the world.

Treasury Secretary Scott Bessent attributed the rise in 10-year Treasury yields to robust economic growth. He noted that inflation and interest rates are expected to stabilize once the conflict with Iran concludes. Additionally, Trump announced a plan to automatically open 'Trump Accounts'—investment accounts for minors under 18—to promote capitalist principles from a young age.

Simultaneously, Trump is facing his lowest approval rating to date at 32%, according to an Ipsos poll. The decline is largely attributed to high living costs and inflation driven by rising fuel prices following the conflict with Iran. The poll highlights a significant loss of support among Hispanic voters, with only 24% expressing approval, posing a challenge for the Republican Party ahead of the upcoming midterm elections.