Donald Trump is yelling for the Federal Reserve…on Twitter. | Source: REUTERS/Kevin Lamarque
By CCN Markets: Dow Jones Industrial Average (DJIA) futures slumped in early trading Thursday and Trump is livid.
The president took his anger out on Twitter, screaming in all caps:
“WHERE IS THE FEDERAL RESERVE?”
Trump is desperate for the Federal Reserve and Chairman Jerome Powell to get more aggressive on monetary easing, a move he believes will stimulate the stock market and make America more competitive in the global arena.
But a statement released by the Fed yesterday appeared to dampen hopes of continued, aggressive interest rate cuts. Traders are now worried the Fed is acting too slow in the face of flashing recession warnings.
Dow futures slide on Thursday
Dow Jones Industrial Average (DJIA) futures pointed to a weak open on Thursday. Despite a strong rally yesterday and a spirited overnight push, US stock futures fell into negative territory as of 5.45 am ET. Dow futures traded 26 points lower at 26,200.
Trump pleads for action at the Fed
The president’s tirade stems from the fact that much of the world is now adopting zero or negative interest rates. For example, rates on Germany’s 30-year bond just turned negative. Trump wants the Fed to step in and lower US rates to keep the US competitive.