Trump blasts Powell for keeping interest rates at current levels

Trump blasts Powell for keeping interest rates at current levels

Published
Trump speaks to reporters as he departs White House for Indiana, (Photo ©2019 Doug Christian/TMN)
Trump speaks to reporters as he departs White House for Indiana, (Photo ©2019 Doug Christian/TMN)

WASHINGTON – President Donald Trump blasted Federal Reserve Chairman Jerome Powell in a series of Monday morning tweets for leaving interest rates unchanged.

At a meeting on Wednesday, the central bank’s Federal Open Market Committee (FOMC) voted to keep its federal funds’ rate at 2-1/4 to 2-1/2%. However, the Fed signaled that rate cuts may be coming soon.

The Fed has kept rates at existing levels since January.

The Fed made four modest rate adjustments in 2018.

Trump has consistently pressured Powell to lower interest rates. Trump has blamed the Fed for the economy not climbing by 4% GDP last year. The economy grew at 3.1% in 2018.

Trump has dismissed reports that say he is looking to replace Powell.

The Fed has historically kept interest rates low when the economy is sluggish to encourage borrowing. The Fed has historically raised interest rates when the economy is strong so as to keep pace with inflation.

  • Subscribe to Talk Media News


  • NO COMMENTS

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.