Trump pummels Fed, Powell as markets remain choppy
Powell signaled Friday the Fed could cut interest rates in the wake of coronavirus
Cresset Wealth Management’s Jack Ablin on Federal Reserve Chair Jerome Powell’s comments on the coronavirus and the economic implications.
President Trump slammed the Federal Reserve and its chair, Jay Powell, on Monday after Powell signaled Friday that policymakers at the U.S. central bank are prepared to cut interest rates if the deadly coronavirus outbreak begins to hurt the economy.
"As usual, Jay Powell and the Federal Reserve are slow to act," Trump wrote on Twitter. "Germany and others are pumping money into their economies. Other Central Banks are much more aggressive. The U.S. should have, for all of the right reasons, the lowest Rate."
FED'S POWELL ISSUES RARE WARNING
"We don’t, putting us at a competitive disadvantage. We should be leading, not following!" he continued.
Trump criticized Powell in a similar manner after the Friday statement, too.
"The fundamentals of the U.S. economy remain strong," Powell said. "However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy."
A pedestrian wearing a face mask crosses a square in western Tehran, Iran, Saturday, Feb. 29, 2020. (AP Photo/Vahid Salemi)
Economists and traders viewed the statement as a sign the Fed will cut interest rates at the March meeting or perhaps even sooner.
FOX Business' Megan Henney contributed to this report.
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