President Donald Trump on Thursday, Oct. 31, raged at the Federal Reserve (Fed) and its chairman Jerome Powell, saying “people are very disappointed” as the central bank is putting the United States at a competitive disadvantage.

“People are VERY disappointed in Jay Powell and the Federal Reserve,” President Trump tweeted, one day after Fed made a third interest rate cut this year, but with a small amount of 25 basis points, lowering the benchmark funds rate to a target range of 1.50-1.75%.

Powell characterized the rate cut as a “midcycle adjustment” in a maturing economic expansion, according to CNBC.

However, the president was apparently looking for a much larger cut. He said the central bank’s new decision continued to weaken U.S. competitiveness.

“Dollar & Rates are hurting our manufacturers,” the president said. “We should have lower interest rates than Germany, Japan and all others.”

“We are now, by far, the biggest and strongest Country, but the Fed puts us at a competitive disadvantage,” President Trump wrote.

In a tweet in August, President Trump questioned if Powell or Chinese leader Xi Jingping is the bigger enemy, and now he might have an answer to that question: “China is not our problem, the Federal Reserve is!”

The president has expressed his expectation that the Fed would lower interest rates to zero or even into negative territory, saying the current rates put the United States at an economically competitive disadvantage to other countries.

One day before the Fed reduced the rate, President Trump wrote, “Over in Europe and Japan they have NEGATIVE RATES. They get paid to borrow money. Don’t we have to follow our competitors?” @Varneyco Yes we do. The Fed doesn’t have a clue! We have unlimited potential, only held back by the Federal Reserve. But we are winning anyway!”

After the Fed made the second rate cut in September, President Trump also blasted Powell, saying the chairman and the central bank had “no sense, no vision” in managing monetary policies in an environment of low inflation.

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