Donald Trump’s attempts to force the Federal Reserve to cut interest rates in a bid to lower the US government’s financing costs and juice the economy could backfire spectacularly, economists have warned.
The president has hit Fed chief Jay Powell, whom he has called a “moron” and a “stubborn mule”, with a barrage of criticism, insisting the central bank should lower interest rates by as much as 3 percentage points from their current range of 4.25-4.5 per cent.
Trump’s attacks reached a new pitch on Monday evening, when he moved to fire governor Lisa Cook, whom his administration has accused of lying on her mortgage applications. Cook, who has not been charged by prosecutors, has said she plans to fight against the decision in court.
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