economy
CNBC Daily Open: Trump bemoans 'ridiculous rates'
President Donald Trump is raging against rates, vowing economic warfare on Iran and lending support to crypto regulation in a busy environment for investors.
TL;DR
- President Trump called interest rates 'ridiculous' and suggested the Fed hikes them for political reasons.
- The Treasury Department will double government debt buybacks to stabilize the bond market.
- U.S. government debt has surpassed $40 trillion.
- Trump vowed 'economic warfare' against Iran, threatening penalties for nations aiding Tehran.
- Bitcoin and other cryptocurrencies surged after Trump supported the 'Clarity Act' for crypto regulation.
- SK Hynix's shares jumped significantly due to a large stock buyback announcement.
- Moderna and Merck shares rose following positive early results for an experimental cancer vaccine.