Trump Demands Lower Interest Rates Ahead of Fed Meeting
President Donald Trump has spoken out ahead of the Federal Reserve's upcoming policy meeting, arguing that the US should have the world's lowest interest rate. Speaking at the Irish Open golf tournament on September 13, Trump said he did not know whether Fed policymakers will raise interest rates this week, but believes that no country should have lower rates than the US.
The Labor Department's Consumer Price Index posted its largest increase in four months just days before the meeting, reinforcing expectations of a rate hike. However, Trump has been critical of higher interest rates, which he claims have helped other countries at the expense of the US.
Trump has made his demands clear on social media, posting 'LOWER THE RATE OR I'LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT.' Despite this, National Economic Council Director Kevin Hassett underscored Trump's support for Fed leadership under Chairman Kevin Warsh, saying that Trump will defend the independence of Warsh above all.