Monday, President Trump stepped up his assault on the Fed, urging it to cut interest rates by a full percentage point to aid global growth while complaining the “dollar is so strong that it is sadly hurting other parts of the world.”
“The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well,” the president said in a Tweet Monday. “If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced–good for everyone!”
The Fed cut rates last month for the 1st time in a decade and signaled it was open to doing more amid slowing global growth and uncertainty over the Trump administration’s trade dispute with China.
Concern over the outlook shook financial markets and sent US Treasury yields toward records lows, flashing recession-risk warnings and investors to increase bets the Fed will ease again.
President Trump has urged the Fed to cut rates by a percentage point and resume bond purchases, while also complaining about USD’s strength. His wording on the currency this time was slightly different by focusing on its impact on countries other than the Us
He also accused Democrats of hoping for an economic downturn ahead of the Presidential election.
“Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to ‘will’ the Economy to be bad for purposes of the 2020 Election,” he tweeted. “Very Selfish!”
President Trump has relentlessly attacked the Fed for raising rates in Y 2018, with his frustration reaching the point where he began asking aides about his ability to oust the Fed chief in discussions that were reported in December.
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