U.S. President Donald Trump again pressed the Federal Reserve (Fed) to cut interest rates, saying the United States should have the lowest rates in the world.
On the 13th (local time), while visiting Ireland, President Trump met reporters at Doonbeg Golf Club and, when asked whether he expected the Federal Open Market Committee (FOMC) meeting on the 15th–16th to raise the benchmark rate, said, "I don't know."
However, he reaffirmed his view that a rate cut is needed, saying, "Because the U.S. economy is so strong, regardless of the Fed's formula, we should have the lowest interest rates in the world."
Trump also said, "America's credit rating is the best in the world," and, "We are making other countries rich. We could end that in two minutes."
Trump has continuously called on the Fed to cut rates. On the 4th, he even raised the possibility of halting trade with countries with which the United States runs trade deficits if the Fed does not lower rates.
However, the White House said it respects the Fed's authority over monetary policy decisions.
Kevin Hassett, chairperson of the White House National Economic Council, appeared on CNN that day and, when asked whether President Trump would accept it if the Fed raises rates at this FOMC, said, "President Trump 100% respects Fed Chair Kevin Warsh's independence."
He added, "We will 100% support whatever decision Chair Warsh and the Fed make."
Even so, Chairperson Hassett explained, "The president has a very strong view that interest rates should be much lower."
Trump's remarks came just days before the FOMC, and markets are expected to focus not only on the Fed's rate decision but also on the level of monetary policy pressure from the Trump administration.