President Donald Trump of the United States has called on the Federal Reserve to cut interest rates as the markets continue to tumble, saying there is no inflation.
DAILY POST reports that the US Federal Reserve will hold its next Federal Open Market Committee, FOMC, meeting on May 6-7.
In a post on his Truth Social on Monday, Trump said the US was bringing billions of dollars a week.
“Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long-time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place.”
“This is despite the fact that the biggest abuser of them all, China, whose markets are crashing, just raised its Tariffs by 34%, on top of its long term ridiculously high Tariffs (Plus!), not acknowledging my warning to abusing countries not to retaliate.
”They've made enough, for decades, taking advantage of the Good OL' USA! Our past “leaders” are to blame for allowing this, and so much else, to happen to our Country,” he wrote.
DAILY POST reports that the US markets on Friday ended sharply lower as the Standard and Poor, S&P, 500 dropped 5.97 percent, Nasdaq composite slumped 5.82 percent and the Dow tumbled 5.50 percent.
Former Treasury Secretary Lawrence Summers noted that the two day fall for the S&P was 10.5 percent.
Meanwhile, Federal Chair, Jerome Powell told a business journalists' conference in Arlington, Virginia on Friday that Trump's new tariffs are larger than expected, adding that the economic fallout including higher inflation and slower growth, likely will be as well.
“We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation,” he said.
