Federal Reserve Chair Jerome Powell, who last week cut U.S. interest rates as an...
SAN FRANCISCO - Federal Reserve Chair Jerome Powell, who last week cut U.S. interest rates as an insurance policy against the effects of “simmering” trade tensions, may need to buy more coverage after the United States late on Monday designated China a currency manipulator.
Stock futures dropped and Treasury futures rose as traders bet this latest escalation of the U.S.-China trade war will slow the U.S. economy further, forcing the Fed to respond with deeper rate cuts to ease financial conditions and encourage businesses to hire and spend.If last week’s rate cut was Fed policymakers’ way of insuring against a possible fire, he said, “The potential for the fire has risen – and that potential is something they are going to react to.
A bigger rate cut, he said, would have helped the United States keep pace with China and other countries. “Are you listening Federal Reserve?” Trump tweeted after the yuan’s decline, labeling the devaluation “manipulation” just hours before the Treasury made the designation official.
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