Trump Demands Fed Halt Interest Rate Hikes Amid Debt Concerns

US President Donald Trump has called on the Federal Reserve to stop raising interest rates, citing higher borrowing costs as a hindrance to reducing the federal debt. In an interview with TIME, Trump stated that growth can help offset the drag from borrowing costs and argued that the US economy is strong enough to expand despite rising interest rates.

Trump pointed out that the US 'should be the lowest interest rate in the world' and reiterated his long-standing criticism of higher borrowing costs. The Fed raised its benchmark rate by a quarter percentage point in September to 3.75%-4.00%, with the next FOMC meeting scheduled for October 27-28.

Trump also expressed optimism about an eventual Iran deal, which he believes could bring oil prices down. He noted that more barrels had moved through the Strait of Hormuz than ever before and said major oil companies like Exxon (XOM) and Chevron (CVX) were moving into Venezuela to increase oil flows.