U.S. President Donald Trump leads a meeting with the White House Coronavirus Task Force and pharmaceutical executives in Cabinet Room of the White House on March 2, 2020 in Washington, DC.
Drew Angerer | Getty Images
President Donald Trump on Tuesday demanded that the Federal Reserve cut rates even more after the central bank announced it would slash rates by 50 basis points in an effort to combat the economic impact of the coronavirus outbreak.
The Federal Reserve "must further ease and, most importantly, come into line with other countries/competitors," Trump tweeted.
"We are not playing on a level field. Not fair to USA. It is finally time for the Federal Reserve to LEAD. More easing and cutting!"
The Federal Reserve on Tuesday slashed interest rates by half a percentage point in response to slower economic growth from the deadly coronavirus outbreak. On the move, markets began fluctuating, dipping into and out of negative territory, amid fears of a virus-related global slow down.
Treasury Secretary Steve Mnuchin praised the Fed on Tuesday for cutting interest rates, saying, "I applaud the Fed on this move."
Trump, who has used stock market gains as a measure of his presidency, has been hammering the Fed to cut interest rates, tweeting Monday that the U.S. central bank is falling behind its global peers.
"As usual, Jay Powell and the Federal Reserve are slow to act. Germany and others are pumping money into their economies. Other Central Banks are much more aggressive," Trump said, referring to the Fed chairman.
"The U.S. should have, for all of the right reasons, the lowest Rate. We don't, putting us at a ... competitive disadvantage. We should be leading, not following!" he...