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Trump blasts Fed after rate cut, says hurting US competitiveness

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"The Fed puts us at a competitive disadvantage. China is not our problem, the Federal Reserve is," Mr Trump said on Twitter

[WASHINGTON] US President Donald Trump on Thursday launched a broadside attack on the US Federal Reserve and its chairman, Jerome Powell, saying the central bank's policies were hurting US competitiveness.

"The Fed puts us at a competitive disadvantage. China is not our problem, the Federal Reserve is," Mr Trump said on Twitter, adding that interest rates in the United States should be lower than Germany, Japan "and all others". 

The FOMC lowered the policy interest rate by 25 basis points to a target range of 1.5-1.75 per cent, as expected, pulling back another of the four interest rate increases it implemented in 2018.

"We took this step to help keep the US economy strong in the face of global developments, and to provide some insurance against ongoing risks," Mr Powell told reporters.

REUTERS,AFP

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