Trump bashes Fed after rate cut: ‘As usual, Powell let us down’

President Trump took aim at the Federal Reserve again Wednesday after Chairman Jerome Powell indicated that the central bank may not cut rates again this year.

“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 which would keep pace with China, The European Union and other countries around the world,” Trump tweeted.

“As usual, Powell let us down, but at least he is ending quantitative tightening, which shouldn’t have started in the first place – no inflation. We are winning anyway, but I am certainly not getting much help from the Federal Reserve!” he continued.

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 which would keep pace with China, The European Union and other countries around the world….

— Donald J. Trump (@realDonaldTrump) July 31, 2019

{mosads}The Fed announced Wednesday it would cut its baseline interest rate range for the first time since 2008. But Powell told reporters soon after that the cut should not be seen as the first in a series of reductions this year.

Stocks swooned on Powell’s remarks, prompting Trump to bash the chairman in a series of tweets after the market closed.

Trump has pressured the Fed to cut interest rates throughout 2019, insisting the independent central bank should help support his economic agenda and trade negotiations. 

Powell and Fed officials have brushed off Trump’s attacks, but decided to cut rates Wednesday amid growing concerns about the harm caused by the president’s trade agenda and other global economic threats.