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Wednesday, July 31, 2019

GREAT......Fed slashes interest rates amid trade war, White House pressure

https://www.washingtonexaminer.com/business/fed-slashes-interest-rates-amid-trade-war-white-house-pressure?utm_source=breaking_push&utm_medium=app&utm_campaign=push_notifications&utm_source=WEX_Breaking%20News%20Alert_07/31/2019&utm_medium=email&utm_campaign=WEX_Breaking%20News&rid=4815

 

"The Fed has embraced the idea of 'insurance cuts' — take preventive measures and cut rates in the face of high uncertainties and a cloudy outlook," said Michelle Meyer, an economist with Bank of America.

 

The reduction is a win for President Trump, who has been pushing the central bank to lower interest rates and berating both it and Powell via his Twitter feed, which has 62 million followers.

 

"I'd like to see a large cut," Trump told reporters Tuesday. Additionally, he said, the central bank should immediately stop paring a balance sheet that ballooned to $4.5 trillion as the Fed purchased government debt and mortgage-backed securities to amplify the benefits of near-zero interest rates during a plodding recovery from the 2008 financial crisis.