The Fed should 'immediately' cut rates, White House economic advisor Kudlow said.
Top White House economic advisor Larry Kudlow wants the Federal Reserve to"immediately" cut interest rates by 50 basis points.
"Looking at some of the indicators — I mean the economy looks fundamentally quite healthy, we just don't want that threat," he added."There's no inflation out there, so I think the Fed's actions were probably overdone." Though Fed Chairman Jerome Powell highlighted slowdowns in overseas economic growth, the Fed did not indicate at its March meeting that rate cuts would be necessary. Trump has criticized the central bank's plans to increase borrowing costs, but the recommendation from Kudlow marks one of the most explicit directives from the White House to date."Globally, there's a lot of weakness out there. Europe — euro zone virtually in a recession.
The idea is that the Fed's independence allows it to make sometimes unpopular decisions, such as raising interest rates, without pressure from politicians looking to goose the economy in the short term.
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