Donald Trump calls US Federal Reserve 'pathetic, slow moving', demands rate cut

US President Donald Trump reportedly called the Federal Reserve "pathetic, slow-moving" on March 10 and stressed his demand that the central bank lowers its key lending rate and boost the economy. He tweeted, "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".  Trump continued, "The Federal Reserve must be a leader, not a very late follower, which it has been!"

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Impact on US economy

In recent weeks, the US economy plummeted with the spread of coronavirus outbreak and Wall Street on Monday witnessed its worst session since December 2008. As per the international media reports, Trump is expected to propose  "very substantial" economic measures to Congress which will include tax relief and aid for workers in the gig economy. The Fed's policy-setting committee last week reportedly slashed its key interest rate by a half-point to a range of 1.0-1.25 per cent amid rising concerns about the virus and its damage to the global economy.

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After applauding his own administration for handling the deadly coronavirus outbreak has confessed on March 5 that it “certainly” might have an impact on the country's economy. While appearing at his first town hall meeting of the 2020 election season, Trump has said that the fatal virus can hurt the economy, but later added that he “likes” that American people are now spending money inside the country.  

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