Trump says Fed hurting U.S. competitiveness, needs to cut rates more

[Eugene]

LBN thread from yesterday: Federal Reserve cuts interest rate for third time this year in effort to boost U.S. economy

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Source: Reuters

BUSINESS NEWS OCTOBER 31, 2019 / 10:52 AM / UPDATED AN HOUR AGO

Trump says Fed hurting U.S. competitiveness, needs to cut rates more

WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday launched a broadside against the Federal Reserve and its chairman, Jerome Powell, saying the central bank’s policies were hurting U.S. competitiveness.

“The Fed puts us at a competitive disadvantage. China is not our problem, the Federal Reserve is,” Trump said on Twitter, adding that interest rates in the United States should be lower than those in Germany, Japan “and all others.”

The U.S. central bank on Wednesday cut interest rates for the third time this year to help sustain U.S. growth despite a slowdown in other parts of the world, but signaled there would be no further reductions unless the economy takes a turn for the worse.

Its key overnight lending rate now stands in a target range of between 1.50% and 1.75%.

One of the main reasons for the Fed’s decision to cut rates this year has been as insurance against the risks to the economy from the Trump administration’s almost 16-month long trade war with China, which has hurt manufacturing and caused a drop in business investment.

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Read more: https://www.reuters.com/article/us-usa-trump-fed/trump-says-fed-hurting-u-s-competitiveness-needs-to-cut-rates-more-idUSKBN1XA219

[Moostache]

1. Says the guy who went broke running casinos....

No sale Trumpy Bear...now go wallow in self-pity until you stroke out

[underpants]

3. How much of his debt is tied to the prime rate?

Asking for a friend.

[roamer65]

4. Most of his debt is Russian.

It’s tied to body parts, not a prime rate.

[louis-t]

2. He gives not one shit about competitiveness.

He only cares about keeping the economy from falling apart under his watch because of his actions.

[scarytomcat]

5. he is afraid of a market downturn

working people already know there was no upswing for them

[NCLefty]

6. !Trump LITERALLY accused Obama of forcing rates to be low so he'd look better and could golf more!

He's doing this now because he clearly thinks this is how to corrupt the economy for political gain. And Trumpy wants in on dat! I'm sure it went like this with the Fed Chair:

"Obama had his people do this for him and you better do it for me too because he's a loser and I'm tough. Also strong. I also have good genes. And there's NO PROBLEM down there! Believe me. Believe me."

"They’re keeping the rates artificially low so the economy doesn’t go down," Trump said in response to a question about a potential rate hike by the Federal Reserve this month. "So that Obama can say he did a good job. That's the only reason that the rates are so low. They're keeping the rates artificially low so that Obama can go out and play golf after January and say that he did a good job. But it is a very, a very false economy. So [Obama] can leave office and say: See I told you."

“We have a very false economy," he repeated.

"So far, I think she's done a political job," he said about Fed chair Janet Yellen.

"At some point the rates are going to have to change," Trump added. "The only thing that is strong is the artificial stock market."

https://www.realclearpolitics.com/video/2016/09/06/trump_the_fed_keeping_interest_rates_artificially_low_so_the_economy_doesnt_go_down.html