Vice-president JD Vance has said the White House wants the Federal Reserve to cut interest rates, arguing that recent inflation data supports lower borrowing costs in the United States.
Speaking from the White House briefing room on Thursday, Vance said the Trump administration was taking steps to keep rates down but wanted the central bank to provide further help.
“It would be nice to have some help from the Federal Reserve,” he said, adding that the latest figures suggested economic conditions justified a reduction.
The remarks come less than two weeks before the Fed’s next policy meeting, scheduled for September 15 and 16. The central bank has held its benchmark federal funds rate at between 3.5% and 3.75% since its decision on July 29.
At that meeting, the Federal Open Market Committee said inflation remained above its 2% target. Three members voted instead to raise rates by a quarter of a percentage point.
The Fed’s position could be influenced by incoming employment and inflation figures before the September meeting. Governor Christopher Waller said on Thursday that inflation was still meaningfully above target, although recent data showed signs of disinflation.
Waller said he would support keeping rates at their current level if the improvement continued, but warned that a stronger-than-expected inflation reading could justify a rate rise.
Vance’s intervention places renewed pressure on the Federal Reserve as the White House seeks cheaper borrowing costs for households and businesses. The central bank is independent of the administration and sets monetary policy according to its mandate to promote stable prices and maximum employment.
