Trump calls on Fed to make ‘substantial’ rate cuts
WASHINGTON (AP) — President Donald Trump is not letting up on his attacks on the Federal Reserve, calling for “substantial” Fed rate cuts to allow the dollar to fall in value against foreign currencies.
In a series of tweets Thursday, Trump says, “As your president, one would think that I would be thrilled with our very strong dollar. I am not!”
Trump says that the Fed’s high level of interest rates in comparison to other countries was keeping the dollar too strong and making it more difficult for U.S. manufacturers to compete.
The Fed reduced its key policy rate by a quarter-point last week, but Trump is pushing for more interest rate cuts. Those cuts can lower the dollar’s value against other currencies, although other factors are also at play.