Trump says Fed should soften policy and sharply cut rates

US President Donald Trump on Tuesday called on the Federal Reserve to significantly cut interest rates, noting that higher borrowing costs adversely affect exporters and put the country at a disadvantage.

“Our Federal Reserve makes us pay more than many others at higher rates, although we have to pay less. This is tough on our exporters and puts the United States at a competitive disadvantage. It should be the other way around. The Fed should soften policy and sharply cut rates,” Trump wrote on Twitter.

Trump has repeatedly criticized Fed head Jerome Powell and said US interest rates are too high.