U.S. President Donald Trump. [Photo = The White House] 

U.S. President Donald Trump once again pressured the Federal Reserve, the U.S. central bank, to lower interest rates on the 27th (local time).

Speaking to reporters aboard Air Force One while en route to Michigan that day, President Trump stated, "Rates should be cut. The GDP growth rate of this country could be 8%, 9%, 10%, or 12%. That is the level it ought to be."

He continued, "There are countries with lower interest rates than ours that wouldn't even exist if it weren't for us," adding, "They are taking funds from the U.S., and because of that, they have lower rates than we do. That shouldn't be the case."

President Trump emphasized, "We should have the lowest interest rates in the world. If I take the money those countries are earning and put it into our portfolio, we could achieve that. Like 30 years ago, we should have the lowest interest rates in the world."

This latest push by President Trump for a rate cut comes one day before the Federal Open Market Committee (FOMC) meeting, where the Fed will decide on the base interest rate.

This FOMC meeting will be held over two days starting on the 28th, with the decision on the base rate to be announced on the 29th.

The current base rate is 3.50–3.75%, which has been held steady for four consecutive meetings this year (January, March, April, and June). Notably, it was also held steady at last month's FOMC meeting, which was the first to be held under the leadership of Fed Chair Kevin Warsh, whom President Trump personally nominated and appointed.

While describing Chair Warsh as "fantastic," President Trump remarked, "But he has a board, and the board members are very political."

He added, "He wants to do the right thing. I know what he wants to do, but perhaps he has to get the consent of some who have bad intentions."

He is suggesting that even if Chair Warsh wants to lower interest rates, he is unable to do so due to opposition from other board members who are politically against him.

Regarding U.S. inflation, which is holding back interest rate cuts, President Trump said, "I inherited the worst inflation in history from Biden, but prices are dropping rapidly," and added, "And as soon as the (Iran) war ends, you will see them drop significantly."