White House wants the Fed to reverse recent rate hikes
President Donald Trump's top economic adviser said Friday the White House would like the Federal Reserve to reverse some of its recent rate hikes and stop shrinking its balance sheet to protect the U.S. economy from weakness overseas.
"I am echoing the president's view," National Economic Council Director Larry Kudlow told CNBC, confirming that he had told news website Axios that he would like the U.S. central bank to cut interest rates by half a percentage point immediately.
"He would also like the Fed to cease shrinking its balance sheet, and I concur with that view," Kudlow said.
"There's no emergency," he added. "The economy looks fundamentally quite healthy. We just don't want that threat," Kudlow said, adding that Trump would also like the Fed to stop shrinking its balance sheet.
"There is no inflation out there, so I think the Fed's actions were probably overdone," he said, referring to a three-year campaign by the central bank to tighten monetary policy.
https://www.msn.com/en-us/money/markets/white-house-wants-the-fed-to-reverse-recent-rate-hikes/ar-BBVoHC4?li=BBnbfcN
As I said before, the last president who messed with the Fed is Richard Nixon. The result was double digit inflation.
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