It was in no small part due to this effect that the Fed has slowed the pace of rate increases from what it envisioned late last year.

Moreover, if you agree with Mr. Trump’s oft-repeated views that China and other countries seize unfair advantage in trade by depressing their currencies (economists generally argue that’s not the case with regard to China at present, but it has been in the recent past), you should want low-interest-rate policies out of the Fed. “While there are certain benefits, it sounds better to have a strong dollar than it actually is,” he said.

Mr. Trump acknowledged that his preference for low interest rates would need to change if inflation took off: “If inflation starts coming in, and we don’t see any signs of that, inflation starts coming in, that’s a different story. You have to go up and you have to slow things down. But right now I am for low interest rates.” (Janet Yellen would agree.)

That’s in contrast with many leading conservatives, like Paul Ryan and Ted Cruz, who have favored tighter money and a stronger dollar for the last several years.

Things got messier when Mr. Trump talked about his view of the national debt, seeming to apply his experience renegotiating with creditors for his casinos and hotels to the world of Treasury debt. “We’re paying a very low interest rate — what happens if that interest rate goes up 2, 3, 4 points?” he said. “We don’t have a country. We have tremendous debt, tremendous.” He advocated shifting toward longer-term debt, locking in current low interest rates for the federal government.

That isn’t unreasonable. The federal government’s budget could be strained if interest rates rise — though a world in which rates rise significantly is probably a world in which there is also strong economic growth, higher inflation or both. Either would mean more tax revenue, which would make the debt manageable despite higher rates.

But Mr. Trump also suggested something that would represent a radical shift in United States policy if we take him seriously. “I’ve borrowed knowing that you can pay back with discounts,” he said. He added, “Now we’re in a different situation with the country, but I would borrow knowing that if the economy crashed, you could make a deal.”