US President Donald Trump on Monday lashed out at the Federal Reserve, accusing the central bank of standing in the way of major economic expansion by refusing to cut interest rates.[WASHINGTON] US President Donald Trump on Monday lashed out at the Federal Reserve, accusing the central bank of standing in the way of major economic expansion by refusing to cut interest rates.
"Despite a Federal Reserve that doesn't know what it is doing... we are on course to have one of the best Months of June in US history," Mr Trump tweeted."Think of what it could have been if the Fed had gotten it right. Now they stick, like a stubborn child, when we need rate cuts & easing, to make up for what other countries are doing against us.
Growth in the second quarter is forecast to be about half the pace of the first, manufacturing has continued to weaken and business investment has declined.And Mr Trump has threatened to jack up tariffs on another US$300 billion in Chinese imports, which could send shockwaves through the global economy.
Persistent trade friction and slowing global growth, among other factors, had"strengthened" the case for looser monetary policy, he said. Douglas Holtz-Eakin, a Republican economist and former director of the Congressional Budget Office, told AFP the US economy has seen a sudden and unexplained bout of weakness in the first half or 2019.
Source: News Formal (newsformal.com)
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