Brent crude futures were down 90 cents, or 1.14%, at $78.1 a barrel by 11:40 a.m. EST (1640 GMT). U.S. West Texas Intermediate crude (WTI) fell $1.01, or 1.34%, to $74.43.

President Donald Trump on Thursday said he would press the Federal Reserve to lower interest rates “immediately,” rekindling a fight over the historically independent U.S. central bank.

President Donald Trump on Thursday said he will call for a lowering of U.S. interest rates, exerting pressure on the Federal Reserve despite a longstanding norm of political independence at the central bank.

Progress reducing the rise in consumer prices has stalled, with recent data coming in hotter than expected. By pressuring the Federal Reserve, Trump could reignite inflation.

President Donald Trump threatened business leaders with higher tariffs, vowed to “demand” decreased oil prices from Opec and called for lower interest rates from central banks in a boast-filled address to the World Economic Forum in Davos, Switzerland.

DAVOS, SWITZERLAND — The Federal Reserve now needs to be on Trump watch if it wants to engineer the proper dose of monetary policy, according to Bank of America chief Brian Moynihan.

At the World Economic Forum in Davos, industry leaders debated Bitcoin’s role as a reserve asset, the memecoin frenzy and crypto’s future amid Trump’s return to the Oval Office.

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The World Economic Forum annual meeting ... Vice-Premier of the People's Republic of China; Federal Chancellor of Germany; Roberta Metsola, President of the European Parliament.

BlackRock Inc. Chief Executive Larry Fink raised the possibility on Friday that the Federal Reserve might need to hike interest rates, though not right away, while speaking in Davos at the World Economic Forum.

Trump’s remarks come five days before the Fed’s first policy meeting to be held during his administration - on Jan. 28 and 29 - with very broad expectations officials will leave rates unchanged.