Trump calls Federal Reserve to cut interest rates

Trump Slams Fed Again Says Stocks Should Be 5,000-10,000 HigherMore

Trump Slams Fed Again Says Stocks Should Be 5,000-10,000 HigherMore

President Donald Trump shifted his focus from immigration to the economy this morning as he lambasted the Federal Reserve about failing to do its job properly, saying stocks should be 5,000 to 10,000 points higher.

"If the Fed had done its job properly, which it has not, the Stock Market would have been up 5,000 to 10,000 additional points, and GDP would have been well over 4 per cent instead of 3 per cent.with nearly no inflation", Trump said.

The president's latest assault on the Fed came as he arrived at the Trump National Golf Club in Sterling, Virginia. "Trump claims that people were unnecessary since there is" hardly any, if any inflation".

Trump has announced he intends to nominate for 2 exemptions to the seven-member Fed board - to conservative political allies - Stephen Moore and 2012 GOP presidential candidate Herman Cain. However, he made no reference to unemployment rate at decades low, while core PCE was close to target.

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Trump was angered last fall when a variety of economic risks, which analysts say included slowing growth overseas, Trump's own trade policies, and communications missteps by Powell, contributed to a more than 20 per cent drop in the Dow Jones Industrial Average from October through December.

If Trump was referring to the more narrow Dow Jones Industrial Average, his tweet suggested the index could be over 36,000 points absent the Fed's moves. At talks of the International Monetary Fund in Washington, European Central Bank President Mario Draghi said on Saturday that he was "certainly anxious about central bank independence" and especially "in the most important jurisdiction in the world".

Earlier this month the President called for the Federal Reserve to slash interest rates in order to put a "rocket" under growth.

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