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President Donald Trump was not mollified by the Federal Reserve’s first interest-rate cut in more than 10 years.
The president, who has been unstinting in his criticism for the central bank and its chairman Jerome Powell, said the Fed erred by not announcing “a lengthy and aggressive rate-cutting cycle.”
Earlier, the Fed had cut interest rates by a quarter percentage point. The central bank also ended its program to shrink its balance sheet two months early.
Read: Fed cuts rates for first time since financial crisis
These are steps Trump had been urging the Fed to take since late last year.
But, during his press conference, Powell said he viewed the rate cut as a “mid-cycle adjustment” and not the start of a long series of easing steps.
Stocks dropped sharply after Powell’s comments and Trump made clear he was also disappointed.
“As usual, Powell let us down,” the president tweeted.
“What the Market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle that would keep pace with China, the European Union and other countries around the world,” Trump said.
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