Trump Already Says Fed Rate Cut Is Not Enough

© Reuters. © Reuters.

By Kim Khan – President Donald Trump said Tuesday he wants more monetary easing from the Federal Reserve, even after the central bank made an emergency move to cut interest rates by 50 basis points.

Trump stressed that the Fed had to match the low (and in some cases negative) rates of other nations, comments that seemed to broaden the Fed’s immediate mission to stabilize markets and soften the economic impact of Covid-19.

“The Federal Reserve is cutting but must further ease and, most importantly, come into line with other countries/competitors,” Trump tweeted. “We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!”

Before Trump’s tweet Treasury Secretary Steve Mnuchin said the Fed’s action should be applauded and that the half-point cut was “non-political”.

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