WASHINGTON, March 10 — US President Donald Trump today called the Federal Reserve “pathetic, slow moving” and reiterated his demand that the central bank lower its key lending rate and stimulate the economy.
“Our pathetic, slow moving Federal Reserve, headed by Jay Powell, who raised rates too fast and lowered too late, should get our Fed Rate down to the levels of our competitor nations,” Trump tweeted.
Adding the bank should “stimulate!” the president continued: “The Federal Reserve must be a leader, not a very late follower, which it has been!”
The Fed is a familiar punching bag for Trump, who has assailed it repeatedly in recent weeks while the US economy has been grappling with the spreading coronavirus outbreak, with Wall Street yesterday having its worst session since December 2008.
The president is expected to later today propose “very substantial” economic measures to Congress that will include tax relief and aid for workers in the gig economy who worry about calling in sick.
Last week, the Fed’s policy-setting committee slashed its key interest rate by a half point to a range of 1.0-1.25 per cent — the first inter-meeting cut since late 2008 at the height of the global financial crisis — amid rising concerns about the virus and its damage to the global economy.
Most investors expect the Fed to cut the benchmark borrowing rate again at the March 17-18 policy meeting to stem the economic uncertainty. — AFP
