Trump renews call for lower US interest rates, wants it done fast

The push comes as the Fed just raised rates to 3.75%-4% and Chair Kevin Warsh points to inflation still running hot.

President Trump called for lower US interest rates on Wednesday and said the move should come quickly.

The demand runs against the Fed's current path. The central bank raised its benchmark rate by 25 basis points to a range of 3.75% to 4%, in a 12-0 vote. Fed Chair Kevin Warsh said the move removed a dose of accommodation and that inflation trends have not passed the test, with too many categories still running above 3%. Warsh has said the economy has strengthened but that inflation remains the central problem, and has repeated that price pressure stays too high across multiple categories of goods.

Market pricing does not match Trump's call either. Traders currently see about a 50% chance of another Fed rate hike in October, according to market pricing, a pullback from earlier bets that further tightening was almost certain. Those earlier bets had traders leaning toward two more rate rises this year, beyond the Fed's own median projection of a single further move.

Not everyone in or around the administration agrees with the Fed's direction. White House official Jeeta Desai called the Fed's rate hike "rather unfortunate." DoubleLine chief executive Jeffrey Gundlach has said he sees virtually no chance current rates are as high as they will go, according to CNBC. The gap between Trump's demand and the Fed's stated focus on inflation control underscores a widening rift between the White House and the central bank, which has shown no near-term sign of shifting course.