The central bank remains cautious, even as calls for rate cuts grow louder from the White House and other policymakers.

WASHINGTON, July 9 (Reuters) - U.S. President Donald Trump on Wednesday called on the Federal Reserve to lower the federal benchmark interest rate by at least 3 percentage points, renewing his call for the U.S. central bank to lower rates to help reduce the cost to service the nation's debt.

Federal Reserve Chair Jerome Powell says cutting interest rates could push inflation even higher. President Trump called for Powell to resign in response.

As he sought to recapture the White House in 2024, Donald Trump promised to "put a temporary cap on credit card interest rates at 10%." During his presidency, bipartisan lawmakers have introduced bills to cap credit card interest rates, but they've failed to advance.

Global stocks advanced on Thursday, underpinned by optimism around artificial intelligence and the prospect of upcoming interest rate cuts, while investors kept a cautious eye on U.S. President Donald Trump's tariff actions and their impact on global trade.

The US stock market just blew past every record in history, as the capitalization-to-GDP ratio hit 208% this week, jumping nearly 43 percentage points since April. That crushes the previous high of 206% from February and more than doubles the ratio from nine years ago.

The Department of Education will resume student loan interest payments on Aug. 1, slamming President Biden for using loan forgiveness to sway votes.

Live updates and the latest news as the Trump administration is expected to announce new trade actions and Pete Hegseth and Benjamin Netanyahu meet