02:31 PM EST, 01/23/2025 (MT Newswires) -- President Donald Trump on Thursday pushed for lower interest rates, exerting pressure on the Federal Reserve that has emphasized the importance of making policy decisions independently of the White House.

Speaking remotely at the World Economic Forum in Davos, Switzerland, Trump said he's going to ask Saudi Arabia and the Organization of the Petroleum Exporting Countries, or OPEC, to bring down the cost of oil.

"With oil prices going down, I'll demand that interest rates drop immediately, and likewise, they should be dropping all over the world," Trump said. "Interest rates should follow us."

The Fed didn't immediately respond to MT Newswires' request for comment on Trump's remarks.

Last month at the New York Times' DealBook summit, Fed Chair Jerome Powell stressed the significance of the central bank's independence. Trump reportedly insisted during his election campaign that as president, he should have a "say" in the Fed's interest rate policies.

The Fed in December reduced its benchmark lending rate by 25 basis points and flagged fewer cuts ahead than projected in September. Policymakers cut rates by 50 basis points in September and by 25 basis points in November.

Markets widely expect the Federal Open Market Committee to hold interest rates steady next week, according to the CME FedWatch tool.

Since taking office, Trump has doubled down on his fiscal stimulus agenda, tax cuts and a tariff regime, financial advisory firm deVere Group said before Trump delivered his Davos speech.

"President Trump's policies are creating the perfect storm of inflationary pressures," which may push the Fed to raise rates, Nigel Green, chief executive of deVere Group, said. "This could trigger significant market volatility."

If oil prices came down, "the Russia-Ukraine war would end immediately," Trump said. West Texas Intermediate crude oil was down 0.8% at $74.85 a barrel in Thursday afternoon trade, while Brent fell 0.6% to $78.48.

Trump declared a national energy emergency after his inauguration on Monday, saying the US' insufficient energy production, transportation, refining, and generation pose a threat to the national security and foreign policy.

Last month, certain members of the OPEC and its allies, dubbed the OPEC+, extended oil production cuts to support "market stability." Those members included Saudi Arabia and Russia. Last week, the International Energy Agency lowered its 2025 global oil demand growth outlook, while the OPEC held its consumption forecast steady.