8/8/2019, 4:42 PM (Source: TeleTrader)
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Trump: Not thrilled with strong dollar

United States President Donald Trump took to Twitter on Thursday to once again blast the Federal Reserve for keeping interest rates high despite there being "no inflation," claiming such action is hurting American companies including Boeing and Caterpillar. He added that he is not "thrilled" that the US dollar is strong because it strengthened as a result of Fed's refusal to cut interest rates enough.

"As your President, one would think that I would be thrilled with our very strong dollar. I am not! The Fed’s high interest rate level, in comparison to other countries, is keeping the dollar high, making it more difficult for our great manufacturers like Caterpillar, Boeing, John Deere, our car companies, & others, to compete on a level playing field," Trump said. "With substantial Fed Cuts (there is no inflation) and no quantitative tightening, the dollar will make it possible for our companies to win against any competition. We have the greatest companies in the world, there is nobody even close, but unfortunately the same cannot be said about our Federal Reserve," he added.

Despite the Fed's rate cut last month, Trump urged policymakers to further decrease interest rates and stop the "ridiculous" quantitative tightening after central banks of New Zealand, Thailand and India surprisingly decided to lower rates.

Breaking the News / NP