Investors have started to worry that the U.S. could be headed for a spell of stagflation. The U.K. might already be there.

The Bank of England cut interest rates by a quarter point to 4% Thursday, after a historic split among the Monetary Policy Committee required a second vote, indicative of the uncertainties plaguing a flagging UK economy.

Trump argues that because the U.S. economy is doing well, rates should be lowered. But unlike a blue-chip company that usually pays lower rates than a troubled start-up, the Fed adjusts rates to either slow or speed growth, and would be more likely to keep them high if the economy is strong to prevent an inflationary outbreak.