CNBC Daily Open: Trump bemoans 'ridiculous rates'

Hello, this is Leonie Kidd coming to you from London.

In the last 24 hours, President Donald Trump has taken on interest rates, calling them "ridiculous"; he has ratcheted up the economic pressure on Iran, vowing "economic warfare"; and he has lent support to the crypto industry through the "Clarity Act."

It's a lot of fronts for markets, but investors seem to be taking an optimistic view today towards the end of a see-saw week.

U.S. President Donald Trump has turned his sights back on the Fed, suggesting members of the Federal Reserve Open Market Committee hike rates "because they like the politics of it." He described the current level of the benchmark interest rate as "artificial," adding that "we're powering through these ridiculous interest rates. They're ridiculous."

His comments come as the Treasury Department announced it would double the level of government debt buybacks over the coming months, in a move to steady the bond market. The action specifically targets the longer-duration part of the Treasury market, where yields have surged to multi-decade highs.

But in another sign of economic pressure in the U.S., data showed government debt has topped $40 trillion.

Trump has used an extensive post on Truth Social to outline an economic escalation in his war with Iran.

He said the U.S. will launch the "most crushing economic operation ever taken against any country" against Iran, threatening severe financial penalties on any nation that helps Tehran evade sanctions.

"This will be Economic Warfare and Isolation on an unprecedented scale."

Shares in Moderna soared over 170% in Wednesday's session, while Merck rallied over 10% after the pharmaceutical groups announced positive initial results from an experimental cancer vaccine. It brings them a step closer to filing for approval for this treatment option.

"It's a big moment for medicine, a big moment for patients," Moderna CEO Stephane Bancel said in an interview on CNBC's "Squawk Box."

— Leonie Kidd

Inside crypto’s multiyear sponsorship rush into soccer

During the pandemic, soccer clubs needed money. Crypto companies had plenty of it — and wanted something the sport could offer: visibility, recognition and credibility. What followed was a sponsorship boom that put crypto brands on shirts, around stadiums and alongside some of the biggest clubs in the game. 

CNBC's Tom Chitty explores how soccer and crypto became unlikely business partners, why the relationship took off so quickly and why, for a time, it looked like a perfect match. 

— Tom Chitty