08:11 GMT18 June 2021
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    NEW YORK (Sputnik) - President Donald Trump said on Tuesday that he rescued the US economy by delivering significant growth despite the Federal Reserve increasing the interest rate and engaging in quantitative easing.

    "I did this despite a near-record number of rate increases and quantitative tightening by the Federal Reserve since I won the election", Trump said during an address at the New York Economic Club.

    Trump noted the US economy exceeded expectations by a very wide margin despite the Federal Reserve's previous round of monetary tightening that put the United States at a "competitive disadvantage".

    The Federal Reserve began cutting the benchmark interest rate in July and has since reduced it by 25 basis points three times.

    However, Trump said the cuts are not enough and criticized the Federal Reserve and its chairman Jay Powell for not going far enough.

    "Remember we are actively competing with nations that openly cut interest rates so that many are now actually getting paid when they pay off their loans, known as negative interest", Trump said. "Who's ever heard of such a thing? Give me some of that. Give me some of that money. I want some of that money. Our Federal Reserve doesn't let us do it".

    Trump also said that after years of stagnation and decline, US income and wages were rising very fast, with GDP growing at a fastest pace in more than a decade, surpassing that of the United States' G7 rivals.

    Federal Reserve, rise, loans, GDP, wages, interest rate, jobs, economy, Donald Trump, US
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