SynopsisUS President Trump wants the Federal Reserve to lower interest rates soon. He believes the central bank fears inflation and should not raise rates. Policymakers discussed higher rates unless inflation shows more progress. US inflation remains above the Fed's target, despite recent positive data. The economy grew at 1.5% year-on-year in the second quarter.Listen to this article in summarized formatReutersU.S. President Donald Trump greets the Federal Reserve Chair Kevin Warsh at the White House in Washington, D.C., U.S.US President Donald Trump on Thursday urged the Federal Reserve to cut interest rates in the next policy meeting, saying that the central bank is 'afraid of inflation'."We would really like to see interest rates come down. You know, in the old days with interest rates, many of you are too young to know this. But when we announced good numbers, interest rates would go down. And the theory was because the asset value became so good, it became so prime. But now, when we announce good numbers, which we're doing all the time. They keep driving the interest rates up because they're so afraid of inflation, and they shouldn't be," he said.Also read: Inflation concerns rose at US Fed's July meeting, minutes show; policymakers insisted on rate hikeTrump’s comments came the same day the FOMC released minutes of the July 28-29 meeting . The summary showed that “many” policymakers expected higher rates to be necessary unless inflation shows more progress. Since that meeting, US inflation data has been generally positive, though the annual rate remains well above the Fed’s 2% target."They should allow interest rates to go down. When you announce good numbers, you shouldn't drive them up. They keep thinking that we'll drive them up to stop inflation because success in growth does not cause inflation. Other things cause inflation. We inherited the number one inflation ever in the history of our country from Biden. And we're getting them all down. But interest rates should be allowed to fall with the success of our country, not rise because of the success," the US president added.The US economy grew at just 1.5% year-on-year in the second quarter, below expectations and the 2.1% rate in the first three months of the year.Trump accused Fed officials of having political motives behind the interest rate decisions, though he excluded the new Chairman Kevin Warsh, whom the president nominated to the top position earlier this year. Trump said Warsh is doing a “great job” in a position he began this May, succeeding Jerome Powell, who remains on the board as a governor.“The problem is he has a board, and it’s a political board,” Trump told reporters. “People put in by Obama, Biden, and me, and there are quite a few members still left, as you understand, and so they vote to raise interest rates. I don’t know if they’re doing it because they think they’re doing a good thing or because they like the politics of it.”Many US Federal Reserve policymakers believe interest rate hikes may be needed if inflation remains elevated, minutes of the central bank’s July meeting showed on Wednesday, strengthening expectations of a possible monetary policy tightening ahead. Three of the 12 voting members of the Federal Open Market Committee dissented from the decision to keep rates unchanged, favouring an immediate 25-basis-point increase.However, most officials preferred to wait for more economic data ahead of the Fed’s September meeting, saying it could provide greater clarity on the inflation outlook. The Fed’s preferred inflation gauge remains above its 2% target, keeping pressure on policymakers despite signs that price pressures have eased.Read More News on