President Trump on Friday called on the Federal Reserve to cut interest rates and take additional steps to stimulate economic growth, his latest attempt to put the traditionally independent central bank under his thumb. Mr. Trump’s comments coincide with his efforts to install allies at the Fed as he heads into a re-election campaign that will largely be a referendum on the state of the economy. While the economy is still strong, the effects of Mr. Trump’s $1.5 trillion tax cut are waning and his trade war has begun to hurt some American industries, as well as contributing to slower growth in China. Mr. Trump said on Thursday that he planned to nominate Herman Cain, a Republican who abandoned his 2012 presidential campaign in the face of sexual harassment allegations, to a seat on the Fed’s seven-member board. Mr. Trump also plans to nominate Stephen Moore, an adviser and conservative economist who has become a vocal critic of the Fed’s interest rate increases, to the central bank’s board.

Source: New York Times April 05, 2019 15:32 UTC