president Donald Trump On Thursday, he launched his first attack on the Fed, saying he would apply pressure to lower interest rates.

Addressing global leaders at the World Economic Forum in Davos, Switzerland, the new president did not mention the Fed by name in a wide-ranging policy speech but made clear he would seek lower interest rates.

“I’m going to ask for interest rates to be lowered immediately,” Trump said. “Similarly, interest rates everywhere should go down. Rates should follow our lead.”

The comments were an early blow to a Fed official with whom he had a contentious relationship during his first term. He often criticizes the Chairman Jerome PowellPowell, a Trump appointee, has sometimes called policymakers “idiots” and compared Powell to a golfer who can’t putt.

Stock markets showed little reaction to the statements, although the yield on the policy-sensitive 2-year Treasury note edged lower to 4.29%.

In a flurry of events during the president’s first week in office, he did not discuss his views on monetary policy. However, during the presidential campaign, he said he should have a say in interest rate decisions.

Powell and his colleagues emphasized the importance of the Fed’s independence. Powell, in particular, often insisted that the central bank would not make decisions based on political considerations. Although Trump nominates members of the Fed’s Board of Governors, he has no legal authority over the Fed.

The Fed’s independence is seen as key to stabilizing markets, although the central bank has been criticized in recent years for dismissing a surge in inflation in 2021 as “transitory,” leading to a series of aggressive rate hikes.

Trump’s comments come as the Federal Reserve holds a two-day policy meeting that ends on Wednesday.

The market sees little opportunity for the Fed to further lower its benchmark borrowing rate, which is currently targeted at a range of 4.25%-4.5% after cutting interest rates by a full percentage point in the final four months of 2024. Traders are pricing in a first rate cut likely in June, with about a 50-50 chance of another rate cut before the end of the year, according to data from CME Group.

In response to inflation, the Federal Reserve lowered the funds rate after raising it by 5.25 percentage points. Although inflation remains above the Fed’s 2% target, officials say policy does not need to be as stringent because they believe the pace of price increases is slowing.

Trump blamed soaring inflation under former President Joe Biden on “wasteful deficit spending.”

“The result has been the worst inflationary crisis in modern history, with interest rates skyrocketing for our citizens and indeed the world. Food prices and the price of nearly every other item known to man have skyrocketed,” he said.

Fed officials declined to comment on Trump’s remarks.