Trump Demands Record Low Interest Rates for US Economy

US President Donald Trump has once again called on the Federal Reserve to lower interest rates, arguing that the country should have the lowest borrowing costs in the world. Trump made his comments while speaking to reporters, claiming that the US economy could grow at a rate of up to 12% if interest rates were reduced.

He pointed to the latest inflation data as evidence that price pressures are easing, with consumer prices falling 0.4% month-on-month in June and annual inflation slowing to 3.5% from 4.2% in May. Trump said this is a 'very good' sign, stating that costs are 'going down rapidly.'

Trump also took aim at the Federal Reserve Board, suggesting that some members are 'very political' and that Fed Chair Kevin Warsh wanted to 'do the right thing' but needed the consent of other policymakers. Trump repeatedly criticized his predecessor Jerome Powell during his tenure for moving too slowly to reduce borrowing costs.