WASHINGTON: US President Donald Trump called on the Federal Reserve to push down interest rates into negative territory, a move reluctantly used by other world central banks to battle weak economic growth as it punishes savers and banks' earnings in the process.
"It is only the naivete of Jay Powell and the Federal Reserve that doesn't allow us to do what other countries are already doing," added Trump, who has repeatedly noted that rates are negative in Germany, Europe's trading powerhouse. Last month, however, Trump told reporters at the White House that he did not want to see negative rates in the United States.On Friday, Powell said the Fed would act appropriately to help maintain the U.S. economic expansion and that political factors played no role in the central bank's decision-making process.
Trump also kept up his attack on Powell and the Fed in his tweets on Wednesday:"A once in a lifetime opportunity that we are missing because of 'Boneheads.'"
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