President Trump has sharply criticized Fed Chairman Jerome Powell for refusing to cut interest rates, urging Congress to press Powell on his decision as he testifies this week, while arguing that other central banks have already eased policy and that lower rates would benefit the U.

Trump is urging the Fed to cut rates to save the U.S. government money on its interest payments affixed to the vast national debt. Yet the Fed has long resisted considering the government’s financing costs when making interest rate decisions, preferring instead to focus on the health of the economy and inflation.