Trump on Fed's Warsh and rate cuts: 'He has to do what he has to do'

[00:00:00] Speaker 1: Mr. President, it's great to see you. Thank you. Thank you for having me in this incredible place. And happy Independence Day and happy semi-quincentennial, if I got that right. Thank you. 250 years, and I just want to start flying at about 40,000 feet, which you have done in a pretty nice plane lately, by the way. I saw that. What's so amazing about this country, in your words, for the last 250 years? It's -- you always say, like, never been seen before. There's never been a country like this that's ever been seen in the history of the world. [00:00:37] DONALD TRUMP: DONALD TRUMP: Well, a lot of people don't understand that right now we are in a golden age. You understand it very well. You cover it very well. We have more factories being built today than ever before. We have more people working today than at any time ever in the history of our country. And people making more money than they have ever made. I'm not talking about rich people. I'm talking about people that have, like, normal or normalized jobs, more money than they've ever made before. 401 s are up at levels that they have never seen before, up 80 and 90 percent. And the stock market is at an all-time high. I think it's 81 days out of a short, you know, a year and a half. 81 days. We have 81 records. So, nobody's ever seen anything like that. [00:01:22] Speaker 1: DONALD TRUMP: Or if it backs up -- something's saving a record. DONALD TRUMP: Well, if it backs up, it won't. DONALD TRUMP: Whether it's the S&P or the Nasdaq or the Dow, another all-time high. [00:01:30] DONALD TRUMP: DONALD TRUMP: But you said if it backs up, hopefully it won't. [00:01:33] Speaker 1: DONALD TRUMP: Well, on any given day -- DONALD TRUMP: If it does, I will not be talking about it. DONALD TRUMP: I will be talking about it on a second. DONALD TRUMP: But an unbelievable quarter, unbelievable first half of the year. DONALD TRUMP: Your first term, we saw, I think, depending on what you measured from, either 80 percent from Election Day, I think, 70 percent from inauguration. [00:01:50] DONALD TRUMP: DONALD TRUMP: First term was great. [00:01:51] Speaker 1: DONALD TRUMP: And it's very -- it might even be at a faster pace. [00:01:54] DONALD TRUMP: DONALD TRUMP: This is better. DONALD TRUMP: So, the first term, we had the most successful four years, including the COVID. You know, when you include that. When I handed it off, it was literally -- I mean, you look at the numbers. We had the highest market in history. The first term was great financially. This is, I think, blowing it away. I think this is going to blow it away. [00:02:13] Speaker 1: DONALD TRUMP: So, we had the jobs number today, which is weird, because it's Thursday, but the markets aren't open tomorrow. But 57,000 jobs were below expectations, and I think there were some revisions. But the job market has been stronger than people anticipated. However, you know, we had $90 oil at 67, 68 today. DONALD TRUMP: Right. DONALD TRUMP: And 57,000. DONALD TRUMP: Would you say that gives Warsh, the new Fed chairman who you chose, more flexibility to cut? DONALD TRUMP: Right. DONALD TRUMP: Because, for a while, we thought the next move might be a hike. Now it's -- the stars are aligning, would you say, for him to cut? [00:02:49] DONALD TRUMP: DONALD TRUMP: Well, he's got a board that maybe is a little bit hostile and, you know, unfortunately, and maybe a board that wants to do the wrong thing. So, I don't know. He's a great guy and a great pro. And I know where he'd like to be, but he has to do what he has to do. I really think that I would love to be able to get back. You know, in the old days, probably maybe before you started thinking about these things, but if you go back 20 or 25 years, when you announced great numbers, the stock market went up. When you announced bad numbers, the stock market would go down. Today, it's the opposite. When you announced good numbers, the stock market goes down, sometimes really weighted, depending on how good -- the better they are that work, because they have this phobia, they have this horrible derangement syndrome about inflation. And growth can be good for inflation, not just bad for inflation. And it's a shame. Any time numbers are announced that are not so good, I wish I could flip it the old way, that when you announce great numbers, because, otherwise, it's almost like they want to kill strength. They want to kill success. You announce good numbers. I want to -- like, you have a couple of countries. India is one, doing very well, but it's at 7, 8 percent. Others -- take a look at Japan's numbers. I mean, they're doing very well. She's very good. She's doing a good job, a friend of mine. But they're allowed to go up. We're not allowed to go up. If we go up, they want to kill it. There's no reason we should stop at 4 percent. We should be at 12 percent and 13 percent GDP. And I hate what happens where, in the old days, we would be -- that's how we built the country. Now you announce positive things, and they want to bring it down by raising interest rates. And it shouldn't be that way. It should go back to the way it was. [00:04:45] Speaker ?: It should be that way. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was. It should go back to the way it was.