Trump slams the Fed for leaving interest rates unchanged: 'Blew it!'

Trump blasts Federal Reserve as'stubborn child on rate policyMore

Trump blasts Federal Reserve as'stubborn child on rate policyMore

President Donald Trump is continuing efforts to pressure the USA central bank system, saying the stock markets and economic growth would be much higher if not for its actions.

'Despite a Federal Reserve that doesn't know what it is doing - raised rates far to fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in USA history, ' he wrote on Twitter. "Blew it!", the president said in a tweet on Monday.

US central bank officials on the Federal Open Market Committee (FOMC) voted 9-1 to keep the benchmark federal funds rate steady at 2.25 percent to 2.5 percent, where it's been since a rate hike in December.

Last week, Fed Chairman Jerome Powell opened the door to a rate cut, saying persistent trade friction and slowing global growth, among other factors, had "strengthened" the case for looser monetary policy.

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Trump also went after Powell on NBC's 'Meet the Press, ' where he didn't knock down reports that his administration had considered demoting the Fed chair. He has maintained that central bankers pay no attention to political pressure.

'I didn't ever threaten to demote him, ' Trump said, before repeating the threat. "That's ridiculous. What he's done is he raised interest rates too fast", the president said of Powell.

Trump said the US economy is strong enough to "bull through" what he sees as the headwinds created by the Fed's four interest rate hikes in 2018 "but I'm not happy with" Powell's actions. And I don't want to do that, but I want to be treated fairly.

After raising interest rates nine times since 2015, gradually emerging from a decade of ultra-low rates in the aftermath of the Great Recession, policymakers have signaled a shift in course, with their next move likely to be a cut.

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