US President Donald Trump has repeatedly slammed the Federal Reserve for refusing to listen to his demands to make dramatic cuts to the interest rate.
US stock markets fell at open this Tuesday prior to a two-day meeting of the Federal Reserve after which it’s expected that the financial regulator would cut interest rates.
All major indexes, including the Dow Jones, the S&P and the Nasdaq Composite has dropped by 66.70, 2.29 and 2,995 points correspondingly.
Oil prices have cooled as well, a day after a drastic surge amid the recent attacks on Saudi oil facilities on Saturday.
Donald Trump has repeatedly slammed the Federal Reserve for refusing to listen to his demands to make dramatic cuts to the interest rate.
In late-July, Trump accused Federal Reserve’s chairman Jerome Powell of “letting the market down” amid the US’s economic battles with China, the EU and other countries around the world by refusing to announce a new “lengthy and aggressive” rate-cutting policy.
Created in 1913, the Federal Reserve is charged with governing the US financial system, its primary focus being monetary policy. The Fed acts as a ‘bank for banks’, mandating that they keep some of their reserves in their vaults, and lending money to banks as a last resort, as well as determining interest rates.