Washington, Sep 11 : In a fresh attack on US Federal Reserve, President Donald Trump on Wednesday said that the central bank should lower interest rates down to zero so that country can refinance its debt.
"The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term," Trump tweeted.
Trump further said that the US should always have zero inflation and the world's lowest interest rates, and also renewed his criticism of Federal Reserve Chairman Jerome Powell, which he blames for the slowing down of the economy.
"We have the great currency, power, and balance sheet.The USA should always be paying the lowest rate. No Inflation! It is only the naivete of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing," Trump said, who has repeatedly noted that rates are negative in Germany, Europe’s trading powerhouse.
"A once in a lifetime opportunity that we are missing because of ‘Boneheads'," he concluded.
The Federal Reserve cut interest rates in July for the first time since the financial crisis, bringing its benchmark interest 25 basis points lower to a range of 2.25 per cent to 2.5 per cent.(UNI)