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

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

Speaking to reporters aboard Air Force One while en route to Michigan, President Trump said, "Interest rates should be lowered. Our country's GDP growth rate could be 8%, 9%, 10%, or even 12%. That is the level where it should 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 thanks to that, they have lower interest rates than we do. That should not be the case."

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

President Trump's latest push for an interest rate cut comes one day before the Federal Open Market Committee (FOMC) meeting, where the Fed will decide on the benchmark interest rate.

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

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

While describing Chair Warsh as "fantastic," President Trump noted, "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."

This suggests that even if Chair Warsh wishes to cut interest rates, he is unable to do so due to opposition from other board members who are politically against him.

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