US President Donald Trump said in a late Wednesday Truth Social post that interest rates in the US should be 1% or less, arguing that the country is the "best credit in the world" and booming with new investments.

The Federal Open Market Committee raised the target range for its federal funds rate to 3.75% to 4.00% today, with median expectations in the Summary of Economic Projections showing potential for another rate hike this year.

Trump urged the Federal Reserve to lower rates, adding that if the US stopped trading with other countries it has a deficit with, it would generate at least $1.5 trillion a year.