July 31, 2019 / 8:59 PM / 18 days ago

Trump says Fed's Powell 'let us down' on interest rate decision

FILE PHOTO: U.S. President Donald Trump speaks at an event celebrating the 400th anniversary of the first meeting (July 30, 1619) of the Virginia state legislature in Historic Jamestowne in Williamsburg, Virginia, U.S., July 30, 2019. REUTERS/Carlos Barria

WASHINGTON (Reuters) - U.S. President Donald Trump said Federal Reserve Chairman Jerome Powell “let us down” with a quarter-percentage-point interest rate cut on Wednesday, saying the market wanted a signal that a “lengthy and aggressive rate-cutting cycle” was under way.

“What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, The European Union and other countries around the world,” Trump tweeted just hours after the U.S. central bank released its latest policy statement.

“As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place,” he added.

Reporting by Tim Ahmann; Editing by Paul Simao

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