Washington: US President Donald Trump on Thursday renewed his call for the Federal Reserve to bring down the interest rate to accelerate economic growth. "We want to see interest rates come down," President Trump told Fed chief Jerome Powell during a visit to the Federal Reserve headquarters. According to Kuwait News Agency, President Trump emphasized that the US economy would perform better if the interest rate is lowered. "We're making unbelievable deals, and the money is pouring in. We want to get interest rates at some point, the level of interest rates now slow economic growth, it never helps it. If it's high, never helps it," he said. He further added, "As good as we're doing, we do better if we have lower interest rates. And we should. Don't forget, without us, the whole world collapses. So we should have the lowest interest rate." President Trump encouraged Powell to take action in the upcoming Federal Reserve meeting. He suggested that a simple gesture towards lowering interest rates could save a t rillion dollars annually. His visit to the Federal Reserve comes approximately a week before central bank officials are scheduled to convene for their next policy meeting. Policymakers are largely expected to maintain borrowing costs for a fifth consecutive meeting, continuing a pause in interest rate cuts that began in January and has been a point of contention for the president. Trump has advocated for interest rates to be reduced by three percentage points, arguing that there is "no inflation" and that the central bank's current policy is costing the country significantly in terms of debt-related expenses. The Federal Reserve's decision to maintain current rates may not be unanimous, as two influential Trump-appointed governors have recently argued for a quarter-point reduction at this meeting.
