US President Donald Trump said the Federal Reserve must set the lowest interest rate in the world, insisting that no country should have cheaper borrowing costs than the United States. Speaking to reporters at his golf club in Ireland ahead of the FOMC policy meeting, the White House chief acknowledged he did not know the regulator’s final decision but urged monetary authorities to completely ignore incoming inflation and economic data. Trump emphasized that he understands economic principles “better than anyone,” and that the US’s high credit rating and an extremely tight monetary policy only unjustifiably enrich other countries at the expense of American interests.

This latest public pressure on the central bank came on the eve of the September decision on the federal funds rate that has been held in the 3.5–3.75% range. Despite the administration’s calls for immediate monetary easing, most analysts and market participants were pricing in a high probability of a 25‑basis‑point hike in the run-up to the meeting. The Fed’s hawkish stance under Chairman Kevin Warsh is driven by an acceleration in the core Consumer Price Index (CPI) to a four‑month high and a jump in oil prices due to the conflict around Iran, creating the threat of another wave of inflation just weeks before the midterm Congressional elections.

Trump’s latest comments add to a string of unprecedented warnings directed at monetary authorities. Earlier, Trump threatened to halt trade entirely with countries with which the US runs a trade deficit if the Federal Reserve refuses to lower borrowing costs. The president again urged the Fed’s Board of Governors to “show some prudence and, for a change, be patriots,” arguing that maintaining tight financial conditions artificially puts domestic producers at a predetermined disadvantage.