Trump blames Fed for US economy problems

Calls for ‘bigger and faster’ cuts in interest rates

WASHINGTON, Aug 7, (KUNA): US President Donald Trump said that the problem of the US economy is the Federal Reserve not China, once again calling for “bigger and faster” cuts in interest rates.

In a series of tweets, Trump said, “Our problem is not China - We are stronger than ever, money is pouring into the US while China is losing companies by the thousands to other countries, and their currency is under siege.”

He stressed, “Our problem is a Federal Reserve that is too proud to admit their mistake of acting too fast and tightening too much (and that I was right!).”

“They must Cut Rates bigger and faster, and stop their ridiculous quantitative tightening NOW. Yield curve is at too wide a margin, and no inflation!” he remarked.

He noted, “Incompetence is a terrible thing to watch, especially when things could be taken care of sooo easily.”

Trump continued, “We will WIN anyway, but it would be much easier if the Fed understood, which they don’t, that we are competing against other countries, all of whom want to do well at our expense!”

Last week, the Federal Reserve has announced its interest rates cut by a quarter point, the first cut since 2008.

Trump also shed light in his tweets to three central banks that cut their interest rates this morning, in reference to the central banks of India, New Zealand (with bigger than expected cuts) and surprisingly Thailand.

Meanwhile, Trump told reporters at the White House before his departure to Ohio and Texas that “our country is doing really well. China isn’t doing really well.”

He added, “Somebody had to do this with China, somebody had to take a stand.”

On Monday, the Department of Treasury designated China as a “Currency Manipulator,” which comes following the Chinese

yuan weakening to an 11-year low against the US dollar amid the worsening US-China trade

friction.

Last week, Trump announced that the US would impose an

additional 10 percent levy on $300 billion worth of Chinese imports.