U.S. President Donald Trump said in a post that the latest employment figures were far stronger than expected and used the data to renew his call for lower interest rates. He wrote that the jobs report was "fantastic," saying it beat every forecast except his own and that the increase came in at two or even three times expectations, adding that "you haven't even seen the whole picture yet."
Trump said U.S. employers added 162,000 jobs in August. He argued that the country's credit position is much stronger than it was not long ago and said that strength should translate into lower borrowing costs. In his words, a strong country means lower interest rates because its credit is better.
He also said the United States should have the lowest rates in the world, as in the "good old days," and tied that demand to trade imbalances. Trump wrote that if countries are allowed to maintain large trade surpluses with the U.S., they should no longer be treated as financial "elite" nations. He went on to say, "Cut rates, or I will stop trading with countries that run trade surpluses against the United States."
Trump also referenced a Supreme Court tariff ruling and said the president has the absolute authority to act, adding that "this is better than tariffs." He then urged the Federal Reserve Board, under its "outstanding new leader," to change course.
U.S. President Donald Trump said in a post that the newly released employment data were "fantastic" and had "shattered all expectations (except mine!)." He added that the gain came in at two or even three times what had been expected and said, "you haven't even seen the full picture yet."
Trump said U.S. employers added 162,000 jobs in August and used the number to press again for lower interest rates. "Cut rates, because America's credit is much stronger than it was not long ago!" he wrote. "A strong country means lower interest rates because it has better credit... it's that simple!"
Pressure on rates and trade policy
He said the United States should have the lowest interest rates in the world, like in the "good old days." Trump also wrote that if other countries are allowed to keep large trade surpluses with the U.S. — something he said Washington could stop immediately — then they should no longer be regarded as financial "elite" countries.
He added: "Cut rates, or I will stop trading with countries that have trade surpluses against the United States."
Reference to the Supreme Court and the Federal Reserve
Trump also said the U.S. Supreme Court, in what he called that "ridiculous and costly" tariff ruling, had clearly recognized that the "President" has the absolute right to do this. He added, "It's better than tariffs!"
Turning to the Federal Reserve Board, Trump said it must "get smart, think differently, and be patriotic for a change" under its "outstanding new leader." He ended by saying high interest rates put the United States at a "very unfair disadvantage" and that he would not allow that to continue.
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