Trump calls on Federal Reserve to cut interest rates

WASHINGTON (AP) — President Donald Trump is calling on the Federal Reserve to begin cutting interest rates, saying the economy will take off like a “rocketship” if the Fed begins loosening policy.

Trump, speaking with reporters on the South Lawn of the White House, says that he believes the central bank “really slowed us down” with the four rate hikes it imposed last year. Trump says those were unnecessary because there is “very little, if any inflation.”

“I think they should drop rates and I think they should get rid of quantitative tightening. You would see a rocket ship,” Trump said.

Trump has announced he intends to nominate to conservative political allies — Stephen Moore and former 2012 GOP presidential candidate Herman Cain — for two current vacancies on the seven-member Fed board.