Economics

Trump Says ‘Powell Let Us Down’ After Fed's Quarter-Point Cut

President renews Twitter assault on Powell after 25 b.p.s. cut
He does credit Fed Chair for early halt to portfolio trimming

Jerome Powell pauses during a news conference following a Federal Open Market Committee meeting in Washington, D.C. on July 31, 2019.Photographer: Andrew Harrer/Bloomberg

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By Ben Holland

July 31, 2019 at 8:47 PM UTC

Updated on

July 31, 2019 at 10:12 PM UTC

This article is for subscribers only.

President Donald Trump said Federal Reserve Chairman Jerome Powell “let us down” by delivering an interest-rate cut that’s not aggressive enough to fight the trade and currency battles his administration is waging.

Trump, who called this week for a “large” cut in the benchmark rate, took to Twitter to slam the Fed’s 25 basis-point reduction. And while the Fed chief played down expectations of more cuts to follow, Trump said he should’ve done the opposite.