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Trump urges Fed to help economy 'go up like a rocket'

May 1, 2019 5:11 am

President Donald Trump has stepped up his criticism of the US Federal Reserve and called for the central bank to cut interest rates by 1%.

The Fed is set to announce a decision on interest rates on Wednesday following a two-day meeting.

It has already indicated it is unlikely to change rates from the current range of 2.25%-2.5% for the rest of the year.

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However, Mr Trump wants the Fed to cut borrowing costs to help the US economy “go up like a rocket”.

Recent figures showed that US GDP grew at a faster-than-expected pace of 3.2% in the first quarter of 2019.

Inflation growth slowed to 1.6% in the year to March compared to 1.7% in February, putting it further below the Fed’s target of 2% inflation.

Mr Trump, who has attacked the Fed and its chairman Jerome Powell on a number of occasions, tweeted that China was doing well because the government was providing economic stimulus as well as keeping interest rates low.

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