A federal judge on Monday denied a request by a Donald Trump ally to force the Federal Reserve committee responsible for directing US monetary policy to make its meetings publicly accessible and accused an investment firm of wasting the court’s time.

A U.S. District Court judge rejected a bid to force the Federal Reserve to open to the public a meeting on setting interest rates this week. The decision found that the Federal Open Market Committee is not a government agency subject to the federal "Sunshine Act" requiring open meetings.

Slashing government interest rates could have the paradoxical effect of raising the interest rates paid in the real world.

In comments to the press on Tuesday, President Donald Trump suggested he is considering eliminating capital gains taxes on the sale of homes.