Trump Pressures Fed's Powell to Cut Rates 'A Full Point'

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Source: msn/Bloomberg

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(Bloomberg) -- President Donald Trump urged the Federal Reserve to cut interest rates by a full percentage point, intensifying his pressure campaign against Chair Jerome Powell.

“‘Too Late’ at the Fed is a disaster!” Trump posted Friday on social media, using a derisive nickname for Powell. “Despite him, our Country is doing great. Go for a full point, Rocket Fuel!”

While the size of Trump’s rate-cut demand — a full percentage point — was unusual, his call for the central bank to lower rates is not new. The president, who first nominated Powell to the job in 2017, has regularly complained that the Fed chief has been too reluctant to cut borrowing costs. Trump pushed Powell to lower rates in a White House meeting last month.

Fed officials are scheduled to meet June 17-18 in Washington and are widely expected to leave their benchmark rate unchanged, as they have done all year. Many policymakers have said they want to wait for more clarity over how Trump’s policies on trade, immigration and taxation will affect the economy before they alter rates.

Read more: https://www.msn.com/en-us/money/markets/trump-pressures-fed-s-powell-to-cut-rates-a-full-point/ar-AA1GdKP8