Trump says Fed rate at least 3 points too high

NEW YORK, July 9 (Xinhua) -- U.S. President Donald Trump said Wednesday his country's interest rate set by the Federal Reserve System (Fed) is at least three points too high.

In his Truth Social post Wednesday morning, he said the Fed Chair Jerome Powell, whom he nicknamed as "Too Late" recently, is costing the United States 360 billion U.S. dollars a point per year in refinancing costs.

"No Inflation, COMPANIES POURING INTO AMERICA. 'The hottest Country in the World!' LOWER THE RATE!!!" he wrote.

CNBC reported Trump is considering naming a "shadow chair" until Powell leaves office next year, in an attempt to pressure the Fed into cutting rates.

"The next Fed chair faces an additional burden: credibility issues now that President Donald Trump has stepped up efforts to exert a heavy hand on monetary policy," said a CNBC report.