President Trump again criticized the Federal Reserve (Fed, the U.S. central bank), arguing that improving economic data should support lower interest rates rather than higher ones. He said the United States should be paying rates "much lower" and praised Fed Chair Kevin Warsh as "doing a great job," while accusing the Fed board of political factors because some members were appointed by Barack Obama, Joe Biden and Trump. Trump said lower rates would support economic growth and reduce financing pressure on the country’s nearly $40 trillion debt. The Fed has not raised rates since 2023 and began a cutting cycle in the second half of 2025, lowering rates six times in total. However, the Fed’s July meeting minutes showed that most officials believed rates might need to remain high if inflation failed to cool further. Trump compared the United States’ approximately 3.5% rate with Switzerland’s roughly 0.5% benchmark rate, calling the U.S. level "unreasonable." On the same day, the U.S. Treasury announced that it would at least double buybacks of 10- to 30-year government bonds, raising the size of each operation from $2 billion to $4 billion to improve liquidity in the long-term bond market. Markets viewed the measure as potentially easing recent upward pressure on Treasury yields.