Trump again pressures Fed chair Wash for rate cuts, saying US rates should be the world’s lowest

Donald Trump has again pressed Federal Reserve Chair Kevin Wash to lower interest rates, saying the United States should have some of the world’s lowest borrowing costs.

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No. I have a lot of respect for him and he will do what he has to do.

Asked at the White House whether he opposed Wash’s suggestion that rates could rise and whether he had discussed the issue with the Fed chair, Trump said he respected Wash and that he would do his job. Trump then renewed his criticism of current rates, saying, “Our rates are too high” and that they “should be at the lowest level in the world.”

Trump argued that economic success and growth do not cause inflation. He said he dislikes inflation but believes it arises for other reasons, adding, “When we are doing well, we don’t need to raise rates. In many cases, we should lower them.”

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Our rates are too high.

Wash had indicated at the Jackson Hole economic symposium in Wyoming on August 28 that the Federal Reserve could raise rates if inflation did not slow. South Korean media reported that a rate increase at the September Federal Open Market Committee meeting could bring Wash and Trump into direct conflict.

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They should be at the lowest level in the world.

The report also noted that Jerome Powell, Wash’s predecessor, faced strong pressure from Trump throughout his tenure.

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When we are doing well, we don’t need to raise rates. In many cases, we should lower them.