Trump: Fed rate cuts must be biggerWASHINGTON, D.C.: US President Donald Trump on Wednesday (Thursday in Manila) continued to hammer the Federal Reserve (Fed), demanding more stimulus to boost the economy as the 2020 elections approach. Even as stocks and bond yields worldwide fell amid concern about Trump’s escalating trade war with Beijing, he accused the US central bank of being a bigger threat to the American economy than China. “They must cut rates bigger and faster and stop their ridiculous quantitative tightening NOW,” he said on Twitter, just a week after the US central bank cut the benchmark lending rate for the first time in more than a decade.“Incompetence is a… terrible thing to watch, especially when things could be taken care of sooo easily,” Trump said in his screed. In a series of tweets, he noted that overnight three central banks — those in India, Thailand and New Zealand — had cut rates. Those countries are likely to feel the impact of a slowing Chinese economy and a decline in trade.Federal Reserve Chairman Jerome Powell cited the trade uncertainty as a factor in the decision to cut US lending rates after four increases last year, amid worries about… Read full this story
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