Trump is the ‘first president to put pressure on the US Fed Reserve’

InvestSMART Chief Strategist Evan Lucas says Donald Trump is “the first president in the post war era to put political pressure on the US Federal Reserve”. The US Federal Reserve slashed interest rates for the first time since the 2008 Global Financial Crisis overnight, lowing the benchmark interest rate by a quarter of a per cent down to 2 and 2.25 per cent. President Trump responded to the cut, tweeting ‘as usual Fed Chairman Jerome Powell let us down’. ‘We are winning anyway, but I am certainly not getting much help from the Federal Reserve!’ he said. Mr Lucas told Sky News the Federal Reserve was ‘normally seen as untouchable and neither side of politics has ever really touched them, but obviously he is a different president and he does things his way’. Mr Lucas said Mr Trump ‘is very strong in his idea that he wanted rates cut by 50 basis points back to one per cent’.

from National | Daily Telegraph https://ift.tt/2OuGUEI