Trump Calls On Fed To Cut Interest Rates, Resume Bond-Buying To Stimulate Growth (#GotBitcoin?)
President Trump on Friday repeated his call for the Federal Reserve to cut interest rates and said it should restart buying assets to stimulate growth. Trump Calls On Fed To Cut Interest Rates, Resume Bond-Buying To Stimulate Growth (#GotBitcoin?)
‘In terms of quantitative tightening, it should absolutely now be quantitative easing.’
“In terms of quantitative tightening, it should absolutely now be quantitative easing,” he told reporters.
Fed officials bought trillions of dollars’ worth of Treasury and mortgage-backed securities in the aftermath of the recession. Now they are slowly unwinding those assets from their portfolio. They have said they plan to stop letting maturing assets roll off later this year.
Also Friday, White House economic adviser Lawrence Kudlow said Mr. Trump’s Fed nominees, Herman Cain and Stephen Moore, are “very capable people” who would offer a counterweight to other views on the Federal Reserve Board of governors.
“They will reflect those views to balance perhaps some of the other views on the Federal Reserve Board,” Mr. Kudlow said in an interview on Bloomberg Television.
Mr. Trump said Thursday he intends to nominate Mr. Cain, a former GOP presidential candidate and pizza restaurant executive, to a seat on the Fed’s Washington-based board. Mr. Trump has also said he intends to nominate Mr. Moore, a former adviser and CNN commentator, to a Fed spot.
Both Mr. Cain and Mr. Moore have criticized the Fed’s accommodative monetary policy after the recession. Both have also called for a return to the gold standard.
In recent weeks, Mr. Moore has aligned himself with Mr. Trump’s view that the Fed should stop its rate increases. The Fed raised rates four times last year, but officials have since signaled they intend to pause rate increases for the now.
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