Trump Demands Fed Slash Rates By 1% As FOMC Meeting Begins

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Just in case he hadn’t already made his position re: interest rates clear to the FOMC, President Trump apparently wanted to make sure policy makers knew their place shortly after the beginning of their two-day policy meeting on Tuesday.

After calling for QE4 earlier this month, Trump is now calling on the central bank to slash interest rates by a full percentage point, which would bring the Fed funds target rate back to 1.25%-1.5%, a level it hasn’t seen in more than a year.

Trump also praised Beijing’s latest massive credit injection (which apparently wasn’t enough to stave, and despite surprisingly strong Q1 GDP growth, “with our wonderfully low inflation, we could be setting major records and at the same time make our national debt start to look small.”

Of course, during its last meeting, Jerome Powell made clear that the central bank would ‘pause’ its rate-hike plans for at least the duration of this year.

The takeaway: America’s central bankers should try and be more like the PBOC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Original source: http://feedproxy.google.com/~r/zerohedge/feed/~3/B9Is6UbCdO4/trump-demands-fed-slash-rates-1-fomc-meeting-begins

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