WASHINGTON, Sept 11 (Reuters) – U.S. President Donald Trump on Wednesday said the Federal Reserve should lower U.S. interest rates to “zero or less” to help “refinance our debt” with lower interest costs and a longer-term, and blamed the central bank’s chief for missing a “once in a lifetime opportunity.”
“We have the great currency, power, and balance sheet… The USA should always be paying the … lowest rate. No Inflation!” Trump wrote in a pair of early posts on Twitter.
The Republican president has repeatedly called for lower interest rates and blasted Powell and the Fed for not quickly and drastically cutting them, which he sees as necessary to boost U.S. economic growth as he eyes reelection next year.
13 PHOTOS13 US housing markets that would be most affected by rising interest ratesSee Gallery13 US housing markets that would be most affected by rising interest rates
13. Austin, Texas
Zillow Home Value Index: $263,400
Monthly mortgage payment at 4%: $1,006
Monthly mortgage payment at 5%: $1,131
Difference in monthly mortgage payment: $125
Source: Zillow
12. Riverside, California
Zillow Home Value Index: $321,200
Monthly mortgage payment at 4%: $1,227
Monthly mortgage payment at 5%: $1,380
Difference in monthly mortgage payment: $153
Source: Zillow
(Davel5957 via Getty Images)
11. Sacramento, California
Zillow Home Value Index: $355,000
Monthly mortgage payment at 4%: $1,356
Monthly mortgage payment at 5%: $1,525
Difference in monthly mortgage payment: $169
Source: Zillow
10. Portland, Oregon
Zillow Home Value Index: $357,000
Monthly mortgage payment at 4%: $1,363
Monthly mortgage payment at 5%: $1,533
Difference in monthly mortgage payment: $170
Source: Zillow
(AndreyGatash via Getty Images)
9. Denver
Zillow Home Value Index: $356,900
Monthly mortgage payment at 4%: $1,363
Monthly mortgage payment at 5%: $1,532
Difference in monthly mortgage payment: $169
Source: Zillow
8. Washington, DC
Zillow Home Value Index: $380,900
Monthly mortgage payment at 4%: $1,455
Monthly mortgage payment at 5%: $1,636
Difference in monthly mortgage payment: $181
Source: Zillow
(sborisov via Getty Images)
7. New York City
Zillow Home Value Index: $404,800
Monthly mortgage payment at 4%: $1,546
Monthly mortgage payment at 5%: $1,738
Difference in monthly mortgage payment: $192
Source: Zillow
6. Seattle
Zillow Home Value Index: $413,900
Monthly mortgage payment at 4%: $1,581
Monthly mortgage payment at 5%: $1,778
Difference in monthly mortgage payment: $197
Source: Zillow
(aiisha5 via Getty Images)
5. Boston
Zillow Home Value Index: $413,900
Monthly mortgage payment at 4%: $1,581
Monthly mortgage payment at 5%: $1,778
Difference in monthly mortgage payment: $197
Source: Zillow
(SeanPavonePhoto via Getty Images)
4. San Diego
Zillow Home Value Index: $530,900
Monthly mortgage payment at 4%: $2,028
Monthly mortgage payment at 5%: $2,280
Difference in monthly mortgage payment: $252
Source: Zillow
(marlenka via Getty Images)
3. Los Angeles-Long Beach-Anaheim, California
Zillow Home Value Index: $595,700
Monthly mortgage payment at 4%: $2,275
Monthly mortgage payment at 5%: $2,558
Difference in monthly mortgage payment: $283
Source: Zillow
(Photo by DeAgostini/Getty Images)
2. San Francisco
Zillow Home Value Index: $833,600
Monthly mortgage payment at 4%: $3,184
Monthly mortgage payment at 5%: $3,580
Difference in monthly mortgage payment: $396
Source: Zillow
(Ershov_Maks via Getty Images)
1. San Jose, California
Zillow Home Value Index: $970,000
Monthly mortgage payment at 4%: $3,705
Monthly mortgage payment at 5%: $4,166
Difference in monthly mortgage payment: $461
Source: Zillow
(Nancy Nehring via Getty Images)
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“It is only the naïveté of (Fed Chairman) Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of ‘Boneheads’,” Trump tweeted.
On Friday, Powell said the Fed would act appropriately to help maintain U.S. economic expansion and that political factors played no role in the central bank’s decision making process. (Reporting by Susan Heavey; Editing by Catherine Evans and Bernadette Baum)
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