ShafaqNews- Washington
USPresident Donald Trump urged the Federal Reserve on Thursday to cut interestrates, stepping up pressure on the central bank after it raised its benchmarkrate by 25 basis points.
“InterestRates in the United States should be 1%, or less, because we are the BestCredit in the World — BY FAR,” he wrote on Truth Social, adding that theeconomy was “booming” as new investment flowed into the country.
Trumpargued that cutting trade with countries where the United States runs deficitswould generate substantial revenue, claiming that the United States is“carrying” nearly every country and “that cannot go on any longer.”
Trumpalso attacked the Federal Reserve’s rate decision, calling the central bank“hostile” and accusing it of acting for political reasons to make hisadministration’s economic record look worse.
TheFederal Open Market Committee voted unanimously to raise the federal funds rateby 25 basis points to a range of 3.75% to 4%, ending five consecutive meetingsin which the rate had remained unchanged.
Thedecision sent the dollar to a seven-week high, while higher Treasury yieldsreflected expectations that the Fed could keep raising rates. The dollar index,which tracks the US currency against a basket of major currencies, also climbedto 100.33, its highest level since July 31.
Fed ChairKevin Warsh attributed the move to inflation, saying it was “too high and hasbeen for too long,” and called it a “sober” and “responsible decision.”
Despiteopposing the increase, Trump praised Warsh, saying he still had confidence inthe man he picked earlier this year to take over the Fed from Jerome Powell, afigure the president has frequently criticized for not delivering the sharprate cuts Trump has repeatedly demanded.
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