President Donald Trump speaks during a news conference on the coronavirus outbreak at the White House in Washington, February 29, 2020.
Joshua Roberts | Reuters
President Donald Trump once again called on the Federal Reserve to deliver some major policy easing measures, after the Australian central bank cut rates to record lows and noted the impact of the coronavirus outbreak.
The Reserve Bank of Australia (RBA) said Tuesday that it was cutting its cash rate to 0.5% to mitigate the economic impact of the new coronavirus. Philip Lowe, the bank’s governor, said that the epidemic was having a “significant” hit on the country’s economy.
Within hours the U.S. president responded on Twitter, saying the U.S. central bank’s chairman had “called it wrong from day one.”
“Australia’s Central Bank cut interest rates and stated it will most likely further ease in order to make up for China’s coronavirus situation and slowdown…Other countries are doing the same thing, if not more so. Our Federal Reserve has us paying higher rates than many others, when we should be paying less,” Trump said in the early hours of Tuesday morning.
“Tough on our exporters and puts the USA at a competitive disadvantage. Must be the other way around. Should ease and cut rate big,” he added.
The president has regularly criticized the Federal Reserve’s work, as well as Chairman Jerome Powell, believing that lower rates would boost the American economy. The bank, on the other hand, has argued it takes policy decisions based on employment and inflation data.
As the coronavirus spreads worldwide and impacts different economies, analysts are expecting central banks to announce monetary stimulus to help with any economic hit. Goldman Sachs said Monday that the Federal Reserve is likely to take a 50 basis point cut at its March meeting.
Powell said Friday the central bank is monitoring the coronavirus and pledged to take action if necessary. Finance ministers and central bankers from different countries will hold a conference call Tuesday to coordinate the their response to the virus outbreak.
Related Post
Feb
How a Growing Crisis of Loneliness Is Affecting Americans Health
America has another scourge. It can't be dealt with utilizing conventional treatments despite the fact that it has crippling and, surprisingly, dangerous outcomes. The issue leaking in at the sides of our networks is depression and U.S. Top health spokesperson Dr..
Read MoreFeb
The Cost of Loneliness in Retirement
While we frequently stress over saving enough for retirement, the expense of depression is ascending as an equivalent danger to a blissful, solid retirement. Yet, there are steps you can take now to fabricate your social capital. Depression and social confinement.
Read MoreFeb
10 Ways to Reduce Your Risk of Colorectal Cancer
Colorectal malignant growth is the subsequent driving reason for disease related passings, influencing millions around the world. As per the American Malignant growth Society, around 1 out of 20 individuals will be determined to have colorectal disease during their lifetime..
Read MoreFeb
10 Signs You May Need Mental Health Treatment
Emotional well-being is really significant for our general wellbeing and prosperity. Psychological well-being influences the manner in which we think, feel, act, and affects others in our lives also. Psychological well-being can be affected by the climate, hereditary qualities, and.
Read More