from Sputnik News:
Last year, Donald Trump stated that he would not prevent Jerome Powell from leaving the post of chairman of the US Federal Reserve if the latter wanted to resign, in an apparent sign of POTUS’ frustration over the Fed’s reluctance to dramatically slash interest rates.
US President Donald Trump has again blamed the Federal Reserve for failing to slash interest rates significantly, which he said rides roughshod over the country’s economic interests.
“Our Federal Reserve has us paying higher rates than many others, when we should be paying less. Tough on our exporters and puts the USA at a competitive disadvantage. Must be the other way around. Should ease and cut rate big”, he tweeted on Tuesday.
Australia’s Central Bank cut interest rates and stated it will most likely further ease in order to make up for China’s Coronavirus situation and slowdown. They reduced to 0.5%, a record low. Other countries are doing the same thing, if not more so. Our Federal Reserve has us….
— Donald J. Trump (@realDonaldTrump) March 3, 2020
Trump has repeatedly slammed the Federal Reserve for refusing to heed his demands to make dramatic cuts to the interest rate.
In November 2019, he claimed that he had rescued the US economy by delivering significant growth despite the Fed increasing the interest rate and engaging in quantitative easing.
“I did this despite a near-record number of rate increases and quantitative tightening by the Federal Reserve since I won the election”, Trump said during an address at the New York Economic Club.
This came after he took to Twitter in September with another call to the Fed to cut the interest rates while substantially lengthening the term, berating the agency for failing to “allow us to do what other countries are already doing”.
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