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Trump shines on Powell for a day after the Fed cut rates again



President Donald Trump

Leah Millis | Reuters

President Donald Trump shined on Jerome Powell on Thursday, claiming that "people are VERY disappointed with" the Fed chairman, despite the central bank's third rate cut this year.

"China is not our problem, the Federal Reserve is!" Trump is tweeting. "We will win anyway."

Trump's explosion came a day after the Federal Reserve lowered interest rates by 25 basis points to a target range of 1

.5% to 1.75%.

The transition to reversing interest rates was widely expected, but the Federal Open Market Committee also suggested that monetary policy could be less likely in the future. Two Fed officials voted against the interest rate cut in October, and the FOMC removed the language it was obliged to "act as appropriate to sustain the expansion," which had been included in the statements after the meeting since June.

Trump has narrowed Powell and the Fed several times, including last month, after the central bank voted to cut interest rates by a quarter to a target range from 1.75% to 2%.

"Jay Powell and the Federal Reserve Fail Again," he tweeted. "No 'gut', no meaning, no vision!"

Trump wants the Fed to push interest rates down to zero or even into negative territory. Trump argues that today's interest rates put the United States at a competitive disadvantage for other countries, highlighting the historically low level of inflation as evidence that the economy is well positioned to handle such low borrowing rates.

Just last week, Trump tweeted, "The Federal Reserve is abandoned in its duties if it does not lower the rate and even, ideally, stimulates."

While Trump fired his last shot against the Fed, Democrats on the floor of the House debated a resolution to set guidelines for the next steps in the inquiry request.

The measure – which will be the first case-related case voted in the chamber – outlines the next phase of the investigation, in which witnesses will testify in public hearings. [19659002] Trump claimed in another tweet before the vote that "Impeachment Hoax harms our stock market."


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