Trump renews criticism of US Fed
WASHINGTON, Sept 12, (KUNA): US President Donald Trump renewed Thursday his criticism of the Federal Reserve, saying it “sits and sits” while the European Central Bank is “acting quickly.” “European Central Bank, acting quickly, cuts rates 10 basis points,” Trump tweeted.
He added “they are trying, and succeeding, in depreciating the Euro against the very strong Dollar, hurting US exports .... And the Fed sits, and sits, and sits. They get paid to borrow money, while we are paying interest.”
For his part, Secretary of Treasury Steve Mnuchin told CBNC in an interview that he was “not surprised” at the ECB decision to cut its interest rate, saying “if banks can’t make money, it’s hard to have a good economy.”
“I wouldn’t be surprised if a lot of people started selling foreign bonds at negative rates and buying US treasurys, which would have the impact of narrowing (yield) spreads,” he added. He further noted “we’re looking at issuing a 50-year bond, what we could call an ultra-long bond. We think there is some demand for it. That is something we’ll very seriously consider for next year.” “I personally think it would be a good thing to expand the US borrowing capabilities,” he remarked.
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WASHINGTON: Donald Trump is prepared to keep or even raise tariffs on Chinese imports amid ongoing trade talks, Treasury Secretary Steven Mnuchin said on Thursday after both sides granted concessions ahead of the next round of negotiations.
Mnuchin, in an interview on CNBC, said US officials are looking to make progress on when talks resume with lower level officials this month ahead of higher-level discussions with top officials in October.