Trump says United States should have the world's lowest interest rate before Fed meeting

President Donald Trump told reporters at the Irish Open golf tournament on Sunday that the United States should be paying the lowest interest rate in the world, regardless of the Federal Reserve's assessment of inflation and the economy. He said he was unsure whether the Fed would raise rates at its meeting later this week.

The Federal Open Market Committee is expected to increase the target range for the federal funds rate, which currently stands at 3.5% to 3.75%, after the Labor Department's consumer price index showed its biggest rise in four months. Elevated price pressures are attributed to higher import taxes and rising energy costs linked to the conflict in Iran.

Trump, who has frequently criticized former Fed Chair Jerome Powell, reiterated a prior social-media statement that the United States would not trade with countries where it runs a deficit unless rates are lowered. He added that the U.S. aims for trade surpluses or at least break-even balances.

National Economic Council Director Kevin Hassett said Trump will continue to support Fed Chair Kevin Warsh's independence, but noted that the president is unlikely to be pleased if the Fed raises rates.

The Fed's decision comes weeks before the midterm elections, which could affect congressional control and voter concerns about affordability.