Trump steps up pressure on Fed, calling for rate cuts
President Donald Trump announces Federal Reserve board member Jerome Powell as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017President Donald Trump ramped up his pressure on the Fed on Friday, saying it should cut rates and start quantitative easing.Trump's pressure on the central bank has raised concerns about the Fed's reputation as an institution that is independent from political influence.
"I personally think the Fed should drop rates," he told reporters on the White House lawn."You would see a rocket ship. Despite that we're doing very well." The economy is expected to slow because of the fading effects from stimulus measures, such as the $1.5 trillion tax cuts passed last year, and ongoing trade tensions.
Pointing to new strains in the economy, the FOMC said last month that interest rates would remain steady this year. Officials last raised its benchmark interest rate in December, bringing it to a range between 2.25% and 2.5%.
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