President Donald Trump again pressed Federal Reserve Chairman Jerome Powell to cut interest rates, arguing that inflation is no longer a concern and that maintaining high rates could slow the US economy.

In his statement today, Trump pointed to falling energy and food prices as key indicators that inflation is under control. “Many are calling for ‘preemptive cuts’ in interest rates,” Trump said. “Energy costs are significantly lower, food prices are significantly lower, and many other things are trending down, with virtually no inflation.”

The president warned that if the Fed does not act quickly, economic growth could stall. “We may have almost no inflation, but we could have a slowdown in the economy if Mr. Too Late, the Biggest Loser, does not cut interest rates now,” Trump said, referring to Powell with a nickname he has used in his previous criticisms.