On June 30th, local time, President Trump of the United States expressed on social media that “Mr. Too Late” Federal Reserve Chairman Powell and the entire committee should be ashamed for not cutting interest rates. Trump stated that if they had worked hard, “the US could have saved tens of trillions of dollars in interest costs,” but “they just stood by, so they are also to blame.” Trump claimed that the US should pay a 1% interest rate.
On the same day, White House Press Secretary LaVelle tweeted that Trump mentioned in a letter to Powell about the interest rates of several countries around the world and told Powell to significantly lower interest rates.
Trump had previously frequently criticized Powell via social media for the Federal Reserve’s failure to cut interest rates as per his own request, even going so far as to threaten to remove him from office. On June 18th, local time, the latest minutes of the Federal Open Market Committee (FOMC) monetary policy meeting revealed that the Federal Reserve decided to keep the federal funds rate target range unchanged at
4.25% to 4.50%
This marks the fourth consecutive decision by the Fed to maintain interest rates unchanged. (CCTV Zhao Miao)