There is no reason to raise interest rates at this time except to slow GDP growth and to hurt Trump.
Actually, there are plenty of reasons interest rates should be higher - they should have started raising them ten years ago.
In fact Janet Yellen tried but got slammed for it, then she turned dovish for the rest of her term.
President Trump in 2016 (and maybe before) said himself that rates need to rise.
Artificially low interest rates for an extended period of time are problematic the real economy, which in turn hurts the middle class and upper lower class quite hard.