Trump Pressures for World's Lowest Interest Rate Ahead of FOMC

Continued Pressure for Rate Cuts

September FOMC Set for the 15th–16th

"Iran War Will End Around the Midterm Elections"

U.S. President Donald Trump once again pressed for an interest rate cut ahead of next week's Federal Open Market Committee (FOMC) meeting, insisting that the United States should have the lowest rate in the world. However, the White House stated that it would respect the Fed's decision even if it raises the federal funds rate.

U.S. President Donald Trump. The White House

During his visit to Ireland, President Trump spoke to reporters at his Doonbeg golf resort on the 13th (local time). When asked whether he expected the Fed to raise the federal funds rate at the FOMC meeting scheduled for the 15th–16th, he replied, "I don't know."

He went on to say, "Because the U.S. economy is very strong, we should have the lowest interest rate in the world regardless of their (the Fed's) formula." He added, "America has the highest credit rating in the world. We are making other countries rich, but that could end in two minutes if we wanted to."

President Trump has repeatedly and publicly pressured the Fed to lower interest rates despite rising prices. Notably, on the 4th, he warned that if the Fed did not cut rates, the United States could stop trading with countries running trade surpluses with it.

However, Kevin Hassett, White House National Economic Council (NEC) Director, said in an appearance on CNN that day that the White House would accept the Fed’s decision, even if it raised rates.

Director Hassett stated, "President Trump 100% respects Fed Chair Kevin Warsh's independence," adding, "Whatever decision Chairman Warsh and the Fed make, we will support it 100%."

Regarding President Trump's warning about halting trade, Hassett said, "I don't actually expect trade to be 'zero'," but explained, "The President strongly believes that rates should be much lower than they are now."

The Fed will hold the FOMC meeting on the 15th–16th to decide on the federal funds rate. With inflationary pressures rising again due to recent increases in energy prices, markets are speculating that the Fed may raise interest rates. While the White House stressed that the authority over monetary policy rests with the Fed, President Trump continued to publicly pressure for lower rates right up to the meeting.

"Iran War Will End Around the Midterm Elections"

President Trump reiterated his previous forecast that the Iran war will "end immediately after, or perhaps just before, the midterm elections." He said, "Iran is desperately seeking negotiations and constantly calling. They want a deal, but it has to be the right deal. I will not make a meaningless agreement," he emphasized.

Regarding a potential U.S. withdrawal from Iran, Trump said, "Ultimately, we will pull out." However, he added, "There is a possibility we might stay, like in Venezuela, to take the oil."

Asked about Iran and Gulf countries meeting in Oman on the 14th to discuss passage through the Strait of Hormuz, he responded, "I don't care. That's up to them."

President Trump also drew a line at the possibility of Chinese President Xi Jinping's planned visit to the United States and the U.S.-China summit, scheduled for the 24th, being canceled. He stated, "We maintain a great relationship. I hope President Xi is doing well, and we feel the same."

President Trump reaffirmed his pledge to grant a 'Trump dividend' of 5,000 dollars to every American if the Republican Party wins the midterm elections.

Asked whether Congressional approval would be required, Trump replied, "I don't know, but if the Republicans win, it will be very easy to get approval." He also asserted, "America is making enormous amounts of money, so we can easily afford it." He added, "I promised, and I always keep my promises."

This content was produced with the assistance of AI translation services.