Donald Trump has asked the US Federal Reserve to cancel its plans to increase interest rates during its meeting scheduled for next week. This is in a bid to show he means business with his campaign against rate hikes in the United States. In an interview conducted by Reuters at Washington DC on Tuesday, Donald Trump said, “I think that would be foolish, but what can I say?”
Before now, United States presidents steer clear of influencing decisions made by the Feds. However, he has openly criticized the Chairman of the Federal Reserve in his tweets, as well as public comments. He stated that the Central Bank keeps underestimating the growth of the US’s economy by increasing interest rates.
Officials of the Federal Reserve are set to meet on 18th and 19th of December in Washington. There, they will decide on raising rates again. Investors already project a seventy percent possibility that it will happen.
Donald Trump explained to Reuters that the lower interest rates have to be flexible in order to support the bigger United States economy. In his opinion, that would be advisable as there’s a looming trade competition against China and some other countries.
He stressed, “You have to understand, we’re fighting some trade battles and we’re winning. But I need accommodation too.”
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