President Donald Trump attacked the independent US Federal Reserve on Friday, demanding the central bank reverse course and cut interest rates — something it is widely expected to do this month.
In another Twitter outburst, Trump called on the Fed to “Correct!” its overreach.
“We are in a World competition, & winning big,… but it is no thanks to the Federal Reserve,” he said.
“Had they not acted so fast and ‘so much,’ we would be doing even better than we are doing right now. This is our chance to build unparalleled wealth and success for the U.S., GROWTH… Don’t blow it!”
The US central bank raised the benchmark borrowing rate four times last year but seems almost certain to pull back with the first cut in a decade at its policy meeting July 30-31.
Recent comments from Fed officials seemed to confirm the signal that policymakers are prepared to act to sustain US growth in the face of a slowing global economy and persistent trade tensions with China.
“You don’t need to wait until things get so bad to have a dramatic series of rate cuts,” Fed Vice Chairman Richard Clarida told Fox Business Network on Thursday.
That comment echoed a statement earlier Thursday from John Williams, the influential vice chairman of the Fed’s policy committee, who talked about the need to vaccinate when rates are very low.
“When you only have so much stimulus at your disposal, it pays to act quickly to lower rates at the first sign of economic distress,” said Williams, who is president of the New York Federal Reserve Bank.
Following Williams’ remarks, the New York Fed told media outlets the speech concerned decades of research and was not about what the central bank may decide at its next policy meeting.
Trump said Friday he liked Williams “first statement much better than his second. His first statement is 100% correct in that the Fed ‘raised’ far too fast & too early.”
The New York Fed had no comment on Trump’s tweets, which were only the latest in long series of attacks which have flaunted the recent tradition of protecting the independence of the central bank.
‘Please stop’: Devin Nunes shamelessly tries to out whistleblower and gets shut down by Adam Schiff
House Intelligence Committee Chairman Adam Schiff (D-CA) cautioned impeachment witnesses on Tuesday not to answer questions from Rep. Devin Nunes (R-CA) because they were allegedly designed to out a whistleblower who kicked off the inquiry.
During a House impeachment hearing, Nunes repeatedly questioned two witnesses -- Jennifer Williams, an aide to Vice President Mike Pence, and Lt. Col. Alexander Vindman, a National Security Council aide -- about whether they had leaked information to the press.
Schiff suggested that the line of questioning was designed to suss out the identity of the whistleblower, who has a right to anonymity under federal law.
Newly leaked emails show Stephen Miller regularly pushed Breitbart to run anti-Rubio hit pieces
Newly leaked emails obtained by NBC News show that Trump White House aide Stephen Miller regularly pressed right-wing website Brietbart News to run pieces attacking Sen. Marco Rubio (R-FL) during the 2016 election campaign.
The emails show that Miller regularly sent editorial directives to former Breitbart writer Katie McHugh even while he was working on the Trump campaign. According to McHugh, Miller had a special affinity for going after Rubio, who led a Republican effort to secure a deal for comprehensive immigration reform in the Senate.
State supreme court judge rules Trump to be deposed in defamation case – third loss for president
A New York State Supreme Court judge has ruled a defamation case against President Donald Trump can move forward, and that the President will be deposed by January 31, 2020. The case is being brought by former "Apprentice" contestant Summer Zervos.
The is the President's third attempt to block the requirement for him to be deposed, and his third loss.
"Zervos has accused Trump of sexually assaulting her in 2007. She claims Trump kissed her twice on the lips during a lunch meeting in his New York City office, and on a separate occasion in Beverly Hills, she alleges he kissed her aggressively and touched her breast," CNN reports. "Trump has denied the allegations."