Trump calls on Fed to cut interest rates to zero 'or less'

Trump demands Fed cuts rates to zero

Trump Demands Zero Interest Rates From "Boneheads" at the Federal Reserve

The central bank has increasingly become a target of verbal assaults out of the White House ahead of the 2020 elections. As it becomes increasingly apparent that the United States economy has slowed in 2019, Mr Trump has publicly berated Fed chair Jerome Powell and the central bank for failing to loosen monetary policy fast enough.

President Donald Trump urged the Federal Reserve to lower interest rates to a level typically reserved for recessions or periods of persistently weak growth, suggesting that such a setting could allow the government to restructure Treasury debt at a lower cost.

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Policymakers are highly unlikely to cut to the extent Trump wants. "No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn't allow us to do what other countries are already doing", Trump wrote in a pair of early morning tweets. The Fed's benchmark rate is now 2%-2.25% following a quarter-point reduction on July 31 - the first cut since the Fed lowered rates effectively to zero in 2008, during the worst financial crisis and economic downturn since the Great Depression. A once in a lifetime opportunity that we are missing because of "Boneheads".

Trump has in recent weeks sought to shift focus away from his trade policies, which have only added to strains on an economy already expected to cool this year.

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Trump's post follows release of Washington Post - ABC News poll yesterday that showed majority of Americans fear USA will enter a recession within next year.

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