In a series of tweets, the president addressed an unusual controversy stemming from a speech Thursday that New York Fed President John Williams delivered.
Market participants initially took Williams' remarks as indicative that the central bank was prepared to cut rates aggressively, by perhaps a half a percentage point. But a Fed spokesman soon walked back the comments, causing confusion over where policy is headed.
The president, though, mischaracterized Williams' comments. Williams never said in the speech that the Fed raised "far too fast & too early," as Trump suggested. Rather, Williams said the Fed, when confronted with an economic downturn and interest rates close to zero, should cut quickly and aggressively.
With fears building over a bevy of issues including global economic slowdown, tariffs, Brexit, debt ceiling negotiations and a vexing lack of inflationary pressures, markets widely expect the Fed to announce a rate cut at its July 30-31 meeting.
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