On May 13 local time, U.S. President Donald Trump posted a message on social platforms, calling on Federal Reserve Chairman Jerome Powell to "cut interest rates like Europe and China have done."
Trump wrote: "There is no inflation, the prices of gasoline, energy, groceries and almost all other commodities are falling! The Federal Reserve must cut interest rates as Europe and China have already done. What's wrong with 'late Mr.' Powell? This is unfair to America which is preparing for prosperity. Let it happen, it will be a good thing!"
On May 7 local time, the Fed announced for the third time that it would keep interest rates unchanged in the range of 4.25% to 4.50%.
Powell said at a press conference that "Trump's request for interest rate cuts will not affect the work of the Federal Reserve. In some cases, it is appropriate to cut interest rates this year, and in some cases, it is inappropriate to do so. I cannot confidently say what the right path of interest rates is."
Subsequently, Trump said that interest rate cuts were like "jet fuel" for the economy, but Powell did not want to give the U.S. economy a boost. He also complained that Powell "does not love me."
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