Hong Kong falls into recession; Trump blasts the Fed

Donald Trump

Donald Trump has unleashed another attack on America’s central bank, a day after it cut interest rates for the third time this year.

The president has repeated some familiar claims — the Federal Reserve was too quick to raise interest rates in recent years, and too slow to cut them (despite his chivvying).

He also blames the Fed’s tight monetary policy for the slowdown in US manufacturing — although his own trade war with China is probably a bigger factor….

The Fed cut rates to a range of 1.5%-1.75% yesterday. Trump, though, argues they should be below Germany and Japan — so effectively below zero.

“People are VERY disappointed in Jay Powell and the Federal Reserve. The Fed has called it wrong from the beginning, too fast, too slow. They even tightened in the beginning. Others are running circles around them and laughing all the way to the bank. Dollar & Rates are hurting”

“Our manufacturers. We should have lower interest rates than Germany, Japan and all others. We are now, by far, the biggest and strongest Country, but the Fed puts us at a competitive disadvantage. China is not our problem, the Federal Reserve is! We will win anyway”.