Trump renews pressure on Fed to cut rates 'faster and bigger'

Trump’s Real Target Is the Fed Not China

Trump: Fed 'must cut rates bigger and faster'

Meanwhile, Trump added that the central bank has "called it wrong at every step of the way", and said that without quantitative tightening and if the Fed made "substantial" interest rate cuts, USA businesses would be able to "win against any competition".

"They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW", Trump tweeted on Wednesday, rebuking the Fed, which operates independently from the White House.

In a series of tweets, he noted that overnight three central banks - those in India, Thailand and New Zealand - had cut rates.

But a key central bank policymaker, St. Louis Federal Reserve Bank President James Bullard, told AFP on Tuesday that benchmark U.S. lending rates were "in the right neighborhood", seeming to push back against another immediate rate cut or even a long series of cuts that Trump wants. If the Fed did the right thing, the US would be in a much better position.

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Compared with the large-scale interest cuts to cope with the 2008 global financial crisis, the rate cut this time is more like a "preventative" measure.

Fresh turmoil this week between the United States and China only raised the prospect the Fed may have to cut rates even more this year to avoid a collision course that could deeply damage the world economy.

See Also: What Happens When A Country Manipulates Its Currency? . The Fed, in its turn, does not get involved in politics and has remained silent on the wisdom, or otherwise, of the trade policies that the Republican Party is following under President Trump. Those complaints and threats have stoked concerns that the Fed's independence could be damaged.

"Collectively, we served our nation across almost 40 years and were appointed and reappointed by six presidents, both Republican and Democratic", the four former Fed leaders wrote, saying they had to make hard decisions to guide the economy.

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But taking economic growth, employment and inflation into consideration, the Fed could have waited for some time before cutting the interest rate.

The president's feud with the central bank and Federal Reserve Chairman Jerome Powell dates back to July 2018 when Trump told CNBC that he's "not thrilled" about the Fed raising borrowing costs and potentially slowing the economy.

In December, Bloomberg News reported that Trump had privately discussed firing Powell.

Earlier, the president alleged that the US Federal Reserve, not China, was the biggest hurdle to a US victory in the US-Chinese trade spat. "People will hold the dollar in a period of global uncertainty".

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