President Donald Trump’s remarks highlighted the ongoing tensions with the Federal Reserve, particularly with Chair Jerome Powell
President Donald Trump virtually addressed the World Economic Forum in Davos yesterday and called for immediate interest rate cuts, saying they should be implemented globally.
His remark is his first direct challenge to the Federal Reserve since taking office.
He demanded that the US drop rates and asked the rest of the nations to follow its lead.
He also urged OPEC to lower oil prices.
Trump’s remarks highlighted the ongoing tensions with the Federal Reserve, particularly with Chair Jerome Powell, whom the President has previously criticized for not effectively addressing inflation.
Following his speech, stocks saw slight gains, with the Dow Jones extending its gain, while the 2-year Treasury yield dipped.
Additionally, he warned that countries moving production outside the US would face tariffs, specifically criticizing Canada and the European Union for trade surpluses with the US.
Trump’s remarks also included a promise to seek talks with Russia and China on nuclear arms reductions.
His speech highlighted his plans to make the US a manufacturing superpower by utilizing its vast oil and gas resources.