“Other (central bank) boards of directors and other countries are taking more aggressive measures than the Federal Reserve,” Trump said at a White House press conference.
The president said, “The interest rates of these central banks are lower than the interest rate of the Federal Reserve, sometimes by two points. This difference is large.”
“We have the currency and the power … our central bank interest rate should not be higher than (the central bank interest rates) for the countries that compete with us,” Trump said.
Trump added that Federal Reserve Chairman Jerome Powell “made in my opinion a lot of bad decisions.”
Trump has appointed Powell as head of the Federal Reserve, but he has repeatedly criticized his decisions, especially not to cut interest rates, a measure that, according to Trump, would give the economy a boost.
And Saturday, Trump said, “I have the right to fire (Powell),” adding “I will not do that, no I will not.”
And the committee that determines the Federal Reserve’s policies last week cut the basic interest rate by half a point to between 1.0 and 1.25 percent, in light of the high level of concern about the virus and its implications for the global economy.
The Fed made its decision without waiting for the regular meeting of the Finance Committee, which usually meets on Tuesday or Wednesday, out of a tradition it has adopted since the 2008 economic crisis.
Trump said on Saturday that an additional rate cut would “greatly facilitate” the process of “refinancing” US government debt.
“We have tremendous opportunities at the moment, but Jerome Powell does not make things easier for us,” Trump said.
And Thursday, the Federal Reserve announced that it intends to inject $ 1.5 trillion in cash into the US financial markets to calm the panic caused by the Covid-19 epidemic.
Despite his repeated criticism of the Federal Reserve, Trump expressed confidence that the US economy will recover “tremendously” once the Corona pandemic is over.