Trump criticizes the weakness of the US federal measures against Corona

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Economie

Al Ain newsletter Agencies
US President Donald Trump speaks at the White House in Washington - AFP

US President Donald Trump speaks at the White House in Washington – AFP

He criticized the American President Donald TrumpSaturday, the measures taken by the Federal Reserve (US Central Bank) to address the economic implications ofCorona Virus Newbie, considering that it is not required “packages”.

But he stressed, in turn, that he had no intention of replacing his boss, who often criticizes the White House master for his performance.

“Other (central bank) boards 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, and this difference is large.”

“We have the currency and the power … our central bank’s interest rate should not be higher than (the central bank’s 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 is the one who appointed Powell as chairman 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.

“I have the right to fire (Powell),” Trump added, adding, “I will not do that, no I will not.”

And the committee that determines Federal Reserve policies last week cut the basic interest rate by half a point to between 1.0 and 1.25%, 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 Tuesday or Wednesday, out of a tradition it has adopted since the 2008 economic crisis.

On Saturday, Trump considered an additional rate cut that would “greatly facilitate” the process of “refinancing” US government debt.

“We have tremendous opportunities at the moment, but Jerome Powell does not make things easy for us,” Trump said.

And Thursday, the Federal Reserve announced that it intends to inject $ 1.5 trillion of cash into the American financial markets, to calm the panic prevailing in 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.





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