Trump attacks Fed, says central bank 'derelict' in its duties

US President Donald Trump on Thursday came down heavily on the US Federal Reserve, calling for more interest rate cuts to stimulate the country's economy.

US President Donald Trump on Thursday came down heavily on the US Federal Reserve, calling for more interest rate cuts to stimulate the country's economy. Taking to Twitter, Trump said: "The Federal Reserve is derelict in its duties if it doesn't lower the Rate and even, ideally, stimulate."

He added, "Take a look around the World at our competitors. Germany and others are actually GETTING PAID to borrow money. Fed was way too fast to raise, and way too slow to cut!" Earlier this month, Trump, who has been a constant critic of the Fed, in another tweet slammed the US central bankers and said: "They don't have a clue, but I do. The USA is doing great despite the Fed!"

In August this year, the Federal Reserve cut down its interest rates -- for the first time since the 2008 financial crisis -- by a quarter percentage point in an attempt to ward off the possibility of an economic downturn. Shortly after the announcement, Trump issued a sharp rebuke to the Chairman of the Federal Reserve, Jerome Powell.

"As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn't have started in the first place - no inflation. We are winning anyway, but I am certainly not getting much help from the Federal Reserve!" Trump wrote on Twitter. The US President had called for more aggressive cuts in the interest rate. In a series of tweets, Trump had criticised the Federal Reserve for making "all the wrong moves", adding "a small rate cut is not enough." (ANI)

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