Former Treasury Secretary Lawrence Summers warned that President Donald Trump’s preference for the Federal Reserve’s interest-rate setting would trigger a surge in expectations for inflation, driving up long-term borrowing costs.

President Trump is pushing for 1% interest rates despite a healthy economy with 4.1% unemployment. The ultra-low rates could devastate savings accounts while creating unpredictable effects on mortgages and investment markets.

Donald Trump made a fool of himself in the Oval Office after putting his forgetfulness on full display. On Wednesday, July 16, the president of the United States blamed former POTUS Joe Biden for hiring Federal Reserve Chairman Jerome Powell despite being the one to appoint him in November 2017.

A Fed policy rate that low is not typically a sign that the United States is the "hottest" country in the world for investment, as Trump has said. It is usually a crisis response to an economy in serious trouble.