Monday, President Trump pushed the Fed to cut interest rates as policy makers ready for their decision this month on whether to do so.
“Very inexpensive, in fact productive, to move now,” President Trump Tweeted Monday. “The Fed raised & tightened far too much & too fast.”
The President has been attacking the Fed for more than a year, calling on policy makers and Chairman Powell to reduce rates after increasing them in Y 2018.
Chairman Powell and his FOMC policy makers look primed to ease by a Quarter percentage point when they meet on 30-31 July in Washington. While data on the US economy is generally strong, policy makers have said they are monitoring the risks of slowing global growth and elevated trade tensions. Officials have now entered their quiet period on public comment ahead of the meeting.
President Trump also repeated his view in Monday’s Tweets that if the Fed had kept rates lower for longer, the US economy would be stronger, and renewed his claim that other nations were manipulating their currencies to steal an advantage over the US.
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