U.S. President Donald Trump says the Federal Reserve should set its benchmark interest rate at 1% to lower government borrowing costs, allowing the administration to finance the high and rising deficits expected from his spending and tax-cut bill,

A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.

Trump recently summed up his approach when talking to reporters about trade talks with other countries. "They don't set the deal," he said. "I set the deal."

WASHINGTON, July 9 (Reuters) - U.S. President Donald Trump on Wednesday called on the Federal Reserve to lower the federal benchmark interest rate by at least 3 percentage points, renewing his call for the U.S. central bank to lower rates to help reduce the cost to service the nation's debt.

Trump has been highly critical of Jerome Powell this year, pressuring him to cut rates. The Fed Chair has said he's awaiting further clarity on inflation.

President Donald Trump discussed multiple topics his administration has tackled thus far at the White House Faith Office summit with business leaders.

Kevin Hassett, Trump's longest-serving economic adviser, is a leading contender to become the next Federal Reserve chairman, a position with significant influence over interest rates and the US econom