Tuesday , October 20 2020

Trump says he hopes the Fed gets involved 'soon' to combat market sell-off from coronavirus – CNBC, CNBC

President Donald Trump leaned on the Federal Reserve for help to deal with ramifications from the coronavirus impact on the stock market and the economy.

” I hope the Fed gets involved, and I hope they get involved soon, “Trump said during a scrum with reporters late Friday afternoon, nearly an hour after Wall Street closed out its worst week since the financial crisis.

He did not specifically call for a rate cut but said the US central bank should follow its global counterparts who are “putting in a lot of money” as fears grow that the COVID – 50 virus could cause a sharp economic slowdown.

“They’re all going in, they’re all putting in a lot of money. Our Fed sits there, doesn’t do what they ‘ re supposed to do, “Trump said. “They’ve done this country a great disservice.”

Financial markets expect the Fed to enact a 50 basis point rate reduction when it meets in March. Officials, including Chairman Jerome Powell, have not committed to a course of action, though Powell said in a statement Friday that the central bank will act as necessary.

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