PiCK
Trump Says Fed Should Cut Rates Despite Strong Jobs Report, Threatens to Halt Trade With Deficit Nations
Summary
- President Donald Trump said August employment data came in far above expectations, but again called on the Federal Reserve to cut interest rates.
- Trump said the U.S. has stronger credit and should have lower interest rates than any other country in the world, as it once did.
- Trump said the U.S. could halt trade with countries with which it runs trade deficits if interest rates are not cut, and said high interest rates are placing an unfair competitive burden on the country.
Forecast Trend Report by Period
President Donald Trump highlighted the strength of the U.S. economy after August employment data came in well above expectations, while again urging the Federal Reserve to cut interest rates.
On September 4, Trump wrote on Truth Social that the latest jobs figures had exceeded all expectations "by two times, three times" and that U.S. employers added 162,000 jobs in August.
He argued that the U.S. should have lower interest rates because the country has much stronger credit than it did not long ago. "Strong countries should get lower rates," Trump wrote. "Because it's better credit."
Trump added that the U.S. should once again have lower interest rates than any other country in the world, as in the past, and pressed the Fed to cut rates. He also said that if rates are not lowered, the U.S. could stop trading with countries with which it runs trade deficits.
Trump has also recently aimed criticism at Fed leaders, saying they need to "get smart" and arguing that high interest rates are placing an unfair competitive burden on the U.S.
U.S. nonfarm payrolls rose by 162,000 in August, far exceeding the market forecast of 55,000. The unemployment rate was unchanged from the previous month at 4.1%.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.