WASHINGTON, US President Donald Trump once again criticized the Federal Reserve, questioning if it will “ever get into the game.” “Producer prices in China shrank most in three years due to China’s big devaluation of their currency, coupled with monetary stimulus,” Trump tweeted.
He questioned “Federal Reserve not watching? Will Fed ever get into the game?” He stressed “Dollar strongest EVER! Really bad for exports. No Inflation…Highest Interest Rates.” He continued that the US “because of the Federal Reserve, is paying a MUCH higher Interest Rate than other competing countries.” “They can’t believe how lucky they are that Jay Powell and the Fed don’t have a clue. And now, on top of it all, the Oil hit. Big Interest Rate Drop, Stimulus!” he remarked.
The Federal Reserve, after cutting interest rate by a quarter percentage point in July, is expected to cut rates again by another quarter point this week.
In a separate tweet, Trump noted “because we have done so well with Energy over the last few years …. we are a net Energy Exporter and now the Number One Energy Producer in the World. We don’t need Middle Eastern Oil and Gas and in fact have very few tankers there, but will help our Allies!” This comes a day after Trump announced he authorized the release of oil from the Strategic Petroleum Reserve, “if needed, in a to-be-determined amount sufficient to keep the markets well-supplied” in the wake of the attack on the two oil facilities in Saudi Arabia.
Source: Kuwait News Agency