Fed attack
Mr Trump again attempted to deflect the market turmoil onto the US Federal Reserve and its interest rate policy, calling Fed chief Jerome Powell "clueless". In raising interest rates four times last year "the Federal Reserve acted far too quickly, and now is very, very late" in cutting borrowing costs, the president tweeted. "Too bad, so much to gain on the upside!" Earlier on Wednesday, White House trade adviser Peter Navarro told Fox Business Network the central bank should cut rates by half a percentage point "as soon as possible", an action he claimed would lead to stock markets soaring. Despite the US delaying the 1 September imposition of tariffs on some Chinese imports into the US, it has done little to ease concerns. "The challenge is that Trump's trade policy has proven so erratic that you cannot relieve the sense of uncertainty," said Tim Duy, an economics professor at the University of Oregon. As of September last year, the US central bank had a relatively rosy outlook for the economy, expecting that the stimulus from the Trump administration's massive $1.5tn tax cut package and spending in 2018 would sustain growth and justify steadily higher interest rates. Mr Trump wants to make the economy a central part of his case for his 2020 re-election campaign. In an interview scheduled to air on Fox Business Network on Friday, former Fed chief Janet Yellen said she felt the US economy remained "strong enough" to avoid a downturn, but "the odds have clearly risen and they are higher than I'm frankly comfortable with".DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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