FILE PHOTO: US President Donald Trump talks about the exchange of gunfire in El Paso and Dayton in the White House diplomatic room in Washington, USA, August 5, 2019. REUTERS / Leah Millis
WASHINGTON (Reuters) – US President Donald Trump said Wednesday that the US central bank must cut rates "bigger and faster" in order for the US to be competitive with other countries.
“Our problem is a Federal Reserve who is too proud to admit their mistake of acting too fast and tightening too much (and that I was right!). They have to cut prices bigger and faster and stop their ridiculous quantitative tightening NOW, "Trump said in a series of Twitter posts.
For months, the Republican president has been calling on the Fed to lower interest rates to support the US economy.
His surprise move last week in introducing new tariffs here on Chinese imports has thrown the Federal Reserve a new curve ball that could force it to cut interest rates more than the central bank had hoped was necessary to protect the economy from trade policy risks.
White House Trade Advisor Peter Navarro on Monday urged the Fed to cut key interest rates by another three-quarters of a full point by the end of the year to bring US interest rates in line with rates elsewhere.
Reporting by Doina Chiacu; Editing by Bernadette Baum