On Friday, the American Federal Reserve got lambasted by President Donald Trump. In a public meeting Trump said that American economy will break record even though rates are set too high by the central bank.
President Trump said that if the American Fed would have placed low amount of interest rates then the economy of the country would have sky rocketed, but at present the citizens of US have to pay excessive amount of interest, though it is completely unnecessary but the Fed isn’t aware about what they are doing.
Previously, President Trump had criticized the decision of the Federal department as they did not slack the interest rate, even Jerome Powell pointed out that how the global economy is slowing down. Donald Trump had also stated that the American Fed has become crazy due to its current policy to manage interest rates.
Due to disagreements which are caused between Powell and Trump, the White House is seeking to demote Powel from the position of Chairman. Previously, it was Donald Trump who had picked Jerome Powell to lead the Fed. Last month during a meeting, Jerome Powell stated that the short-termed pressure from political parties doesn’t cause any influence on the Fed.
President Trump made few statements on Friday, after he emphasized on better-than-expected job report created in America for the month of June. Back in June, Trump said that the numbers of America showcase that the country is doing great.
President Trump also stated that the country recorded a rise in the pay-roll in the month of June. As per the sources the payroll for the month of June was around 224,000 which were higher as it has been expected by the market, which were around 165,000. Though unemployment rate in America was recorded 3.7%, but it was lower in comparison to the last 50 years.
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