US President lashed out at the Federal Reserve today, saying a high dollar, which he blames on Fed policy, is hitting US exporting giants.
The President, not a stranger to Fed-bashing said that he was not “thrilled” by the strength of the currency.
“The Fed’s high interest rate level, in comparison to other countries, is keeping the dollar high,” Trump said
It is “making it more difficult for our great manufacturers like Caterpillar, Boeing, John Deere, our car companies, & others, to compete on a level playing field.”
Trump urged the Fed to cut the benchmark interest rate quicker after last week’s 25 basis points fall.
That would allow American companies to “win against any competition,” Trump said.
Read more: Trump hits out at Fed rates cut
“We have the greatest companies in the world, there is nobody even close, but unfortunately the same cannot be said about our Federal Reserve. They have called it wrong at every step of the way, and we are still winning. Can you imagine what would happen if they actually called it right?” Trump tweeted.
The US dollar index fell briefly after Trump’s series of tweets. It is currently trading at 97.50, down 0.05 per cent on the day.