US Federal Reserve ‘pathetic, slow moving,’ should lower rate: Trump

President Trump rallies with supporters in Toledo, Ohio. (File photo: Reuters)

US President Donald Trump on Tuesday called the Federal Reserve “pathetic, slow moving” and reiterated his demand that the central bank lower its key lending rate and stimulate the economy.

“Our pathetic, slow moving Federal Reserve, headed by Jay Powell, who raised rates too fast and lowered too late, should get our Fed Rate down to the levels of our competitor nations. They now have as much as a two point advantage, with even bigger currency help. Also, stimulate!” Trump tweeted.

The Fed is a familiar punching bag for Trump, who has assailed it repeatedly in recent weeks while the US economy has been grappling with the spreading coronavirus outbreak, with Wall Street on Monday having its worst session since December 2008.

The president is expected to later on Tuesday propose “very substantial” economic measures to Congress that will include tax relief and aid for workers in the gig economy who worry about calling in sick.

Last week, the Fed’s policy-setting committee slashed its key interest rate by a half point to a range of 1.0-1.25 percent - the first inter-meeting cut since late 2008 at the height of the global financial crisis - amid rising concerns about the virus and its damage to the global economy.

Most investors expect the Fed to cut the benchmark borrowing rate again at the March 17-18 policy meeting to stem the economic uncertainty.

Last Update: Wednesday, 20 May 2020 KSA 10:05 - GMT 07:05