Big rate cuts coming? Trump hints at new Fed chief, promises economic boom

US President Donald Trump on Wednesday, local time, reiterated his claim of resolving eight global conflicts and bringing peace to West Asia by ending the war in Gaza, while outlining economic, monetary and immigration priorities in a national address.

Claims on wars and West Asia

Trump said his administration had “settled eight wars in 10 months” and eliminated what he called the Iran nuclear threat. He claimed the Gaza war had ended and that peace had been achieved in the Middle East, alongside the release of hostages, both living and deceased.

‘Warrior dividend’ for troops

The President announced a one-time payment of $1,776 to more than 1.45 million US military service members. He termed it a special “warrior dividend”, to be paid before Christmas, linking the amount to the US founding year of 1776.

Federal Reserve, rates and growth

Trump said he would soon nominate a new Federal Reserve chair. He added that the nominee would support significantly lower interest rates. He claimed the US economy was poised for an unprecedented boom.

Inflation and grocery prices

Trump said his administration had sharply reduced grocery prices. He claimed the price of a Thanksgiving turkey was down 33 per cent year-on-year and egg prices had fallen 82 per cent since March. He blamed Democrats for earlier price rises.

Healthcare and subsidies

On healthcare, Trump said funds used for insurance subsidies should go directly to people rather than insurers.

Immigration remarks

Addressing immigration, Trump referred to Minnesota and claimed that Somali people had taken over the state’s economy. Minnesota has the largest Somali-American community in the US. He said governments must serve “productive, patriotic, hardworking” citizens.

Tourism push for 2026

Trump invited tourists to visit the US in 2026 for two major events — the FIFA World Cup and the 250th anniversary of the Declaration of Independence.