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.
Louisville-area doctor chokes black 18-year-old woman for not social distancing to his satisfaction
A Louisville-area doctor could face charges for singling out and physically attacking a young black woman in a dispute over social distancing.
The older man was walking with a woman when they encountered a group of younger women over the weekend at the Kentucky city's Norton Commons amphitheater, and a video of the encounter shows him approaching the group, reported WDRB-TV.
“We are leaving," one of the younger women tells the doctor. "Please let’s not cuss at each other.”
Dr. Trump’s medicine show: Why is the president pushing an unproven drug? Follow the money
The "Trump is all about Trump" maxim goes a long way to explaining his obsessive beer-funneling of a malaria drug called hydroxychloroquine down the gullets of COVID-19 victims.
New York firefighter gets emotional talking about EMTs who feel guilty they’re too sick to work
The New York Fire Department is struggling to make its way through the coronavirus crisis. Currently, 493 members of the NYFD have tested positive for COVID-19 and more than 3,000 are out sick.
Anthony Almojera, an EMS Lieutenant-paramedic for the FDNY told CNN Tuesday that he doesn't know how they're managing the constant influx of calls for help from New Yorkers.
"It's truly a testament to the EMS workers that we have here, the EMTs and medics," he told host Jim Sciutto. "It's pretty amazing to see how they're going out in spite of seeing all their co-workers get sick. It's frightening for a lot of us. We don't want to bring it home. We don't want to get sick with it but, you know, this is our job, we treat the sick and injured. We still have all of our regular 9-1-1 calls. It's truly a testament to the EMTs."