President Trump
Donald TrumpSouth Carolina Senate adds firing squad as alternative execution method Ex-Trump aide Pierson won't run for Dallas-area House seat House Oversight panel reissues subpoena for Trump's accounting firm MORE took aim at the Federal Reserve again Wednesday after Chairman Jerome Powell indicated that the central bank may not cut rates again this year.
“What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world,” Trump tweeted.
“As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place - no inflation. We are winning anyway, but I am certainly not getting much help from the Federal Reserve!” he continued.
What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world....
— Donald J. Trump (@realDonaldTrump) July 31, 2019
Stocks swooned on Powell’s remarks, prompting Trump to bash the chairman in a series of tweets after the market closed.
Trump has pressured the Fed to cut interest rates throughout 2019, insisting the independent central bank should help support his economic agenda and trade negotiations.
Powell and Fed officials have brushed off Trump’s attacks, but decided to cut rates Wednesday amid growing concerns about the harm caused by the president’s trade agenda and other global economic threats.
