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Thursday, 28 March 2024

Trump says U.S. Fed should cut rates

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Trump says U.S. Fed should cut rates
Trump says U.S. Fed should cut rates

President Donald Trump said on Friday the Federal Reserve should cut U.S. interest rates and stimulate the economy, three days after the central bank slashed interest rates by half a percentage point in an emergency bid to blunt the economic effects of the coronavirus.

Traders are betting the Federal Reserve will deliver another, bigger reduction in borrowing costs at its mid-March policy meeting, as worries about the spread of the new coronavirus trumped data showing robust hiring by U.S. employers last month.

With cases of the sometimes deadly respiratory illness caused by the virus surpassing 100,000 globally and an outbreak continuing within the United States, futures contracts tied to the Fed's key overnight lending rate reflected better-than-even bets the U.S. central bank would further cut rates by three-quarters of a percentage point at its March 17-18 meeting.

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