3/3/2020, 7:40 AM (Source: TeleTrader)
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Trump urges Fed to cut rates amid coronavirus

United States President Donald Trump urged the Federal Reserve to cut rates again on Tuesday amid uncertainty over the coronavirus outbreak.

"Australia’s Central Bank cut interest rates and stated it will most likely further ease in order to make up for China’s Coronavirus situation and slowdown. They reduced to 0.5%, a record low. Other countries are doing the same thing, if not more so," Trump wrote on Twitter.

However, he added that the Fed "has us paying higher rates than many others, when we should be paying less. Tough on our exporters and puts the USA at a competitive disadvantage. Must be the other way around. Should ease and cut rate big. Jerome Powell led Federal Reserve has called it wrong from day one. Sad!"

Earlier this week, the Organisation for Economic Co-operation and Development (OECD) warned that the coronavirus epidemic could halve global growth this year to 1.5%. The Federal Open Market Committee is set to meet on March 17-18, when policymakers are expected to cut rates.

Breaking the News / JC