Trump Slams Fed Over 'Ridiculous' Interest Rates
US President Donald Trump has renewed his criticism of the Federal Reserve's interest rate policy, calling borrowing costs 'ridiculous' and rejecting concerns about volatility in the bond market.
In a statement at the White House on August 20, Trump argued that interest rates should fall when the US economy is strong. However, he claimed that policymakers raise rates because they fear that faster growth will fuel inflation.
'Every time we do great, we announce great numbers, the interest rates go up,' Trump said. 'And they go up because they want to stop inflation. They should go down because the country is strong.'
Trump also questioned why the US pays higher interest rates than countries like Switzerland and other nations that rely heavily on access to the American market.
'I see countries like Switzerland where they're the number one lowest interest rates, a half a per cent, and we pay 3.5 per cent,' he said.