Trump demands world's lowest interest rates for US
“President Donald Trump said on Sunday that no country should have lower interest rates than the United States, days before the Federal Reserve's upcoming policy meeting. Speaking to reporters at the Ir…”
Speaking to reporters at the Irish Open golf tournament, Trump said he did not know whether the Federal Reserve would raise rates at its meeting this week. However, he argued that the United States should have the world's lowest interest rate regardless of the central bank's assessment of inflation and economic conditions.
The Fed is set to meet less than a week after the Labor Department's Consumer Price Index showed the largest increase in underlying inflation in four months, strengthening expectations that the central bank could raise rates. The meeting comes just weeks before the U.S. midterm elections, which will determine whether Republicans retain their narrow majorities in Congress.
A rate hike could further fuel voter concerns over affordability as inflation remains a political issue. Trump, who has frequently criticized the Federal Reserve's interest-rate policy, has argued that high U.S. rates benefit other countries at America's expense.
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"I know more about formulas than anybody, and with the best credit in the world, we make other countries rich," Trump said. Trump has been more supportive of Fed leadership since his choice for chair, Kevin Warsh, took charge earlier this year, but he has continued to press publicly for lower rates.
National Economic Council Director Kevin Hassett said Trump would defend Warsh's independence regardless of the Fed's decision, while acknowledging that the president would not be pleased if policymakers opted for a rate increase.
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