July 2, 2019 / 2:54 PM / 5 months ago

White House trade adviser Navarro hopeful Fed will lower interest rates: CNBC

FILE PHOTO: White House trade advisor Peter Navarro gives a television interview on the driveway leading to the West Wing of the White House in Washington, U.S. December 10, 2018. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) - White House trade adviser Peter Navarro on Tuesday blamed the Federal Reserve’s hike in interest rates for fears of a slowdown in growth and said he hoped the Fed would reverse increases in interest rates going forward.

“All I have to do is point to the Federal Reserve hiking interest rates, unnecessarily, too fast, too far and engaging in massive quantitative tightening when they should have been holding pat,” Navarro told CNBC.

“And what we’re feeling now is kind of the residual effect of that mistake that was done months ago, and the hope is that the Fed will do the right thing here and lower interest rates and get us back on track.”

Reporting by Makini Brice and David Lawder; Editing by Doina Chiacu

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