U.S. President Donald Trump said U.S. GDP growth could reach 14%, 15%, 16% or even 20%, arguing that even that pace of expansion should not be used as a reason for the Federal Reserve to raise interest rates. He said that "successful growth does not cause inflation" and called for the United States to have "the lowest interest rates in the world." The remarks came as July PCE inflation rose 3.7% year over year, still above the Fed’s 2% target, while markets currently expect the Federal Open Market Committee could raise rates in September. Data from the U.S. Bureau of Economic Analysis show that since 1947, U.S. real GDP annualized quarterly growth has reached or exceeded 20% only once, during the 34.9% rebound in the third quarter of 2020 after pandemic lockdowns ended. The BEA also said real GDP annualized growth was 1.5% in the second quarter of 2026, down from 2.1% in the first quarter.
According to BlockBeats, on Sept. 1, U.S. President Donald Trump said U.S. GDP growth could reach 14%, 15%, 16% or even 20%, and argued that even if the economy were to expand at that pace, it should not be a reason for the Federal Reserve to raise interest rates.
Trump said that "successful growth does not cause inflation" and called for the United States to have "the lowest interest rates in the world."
U.S. July PCE inflation rose 3.7% from a year earlier, still above the Federal Reserve’s 2% inflation target. Markets currently expect the Federal Open Market Committee, or FOMC, could raise rates in September.
Data from the U.S. Bureau of Economic Analysis show that since 1947, U.S. real GDP annualized quarterly growth has reached or exceeded 20% only once: the 34.9% rebound in the third quarter of 2020 after pandemic lockdowns ended.
U.S. real GDP annualized growth was 1.5% in the second quarter of 2026, below the 2.1% recorded in the first quarter.
Trump also said he has great respect for Federal Reserve Chair Warsh and believes he "will do what he has to do" on interest rates. Warsh recently said that if policymakers cannot confirm inflation is moving back toward the 2% target, the Federal Reserve "will have work to do." (Jin10)
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