China trade war gives Trump a new excuse to bully the Fed

Trump: Fed 'must cut rates bigger and faster'

That prompted the United States to label Beijing a currency manipulator, after the Chinese renminbi weakened to its lowest level since 2008, slipping to more than 7 per dollar. Almost 72 percent of traders expect the Fed to lower the rate by 25 basis points and the remaining 28 percent expect a cut of 50 basis points.

He also called attention to three central banks that cut rates earlier Wednesday - India, New Zealand and Thailand, though he didn't name them in the tweet - and said, "Our problem is not China - We are stronger than ever" before returning to his familiar complaint against the USA central bank.

Powell has regularly pointed to the ongoing "uncertainty" of the country's trade war with the world's second largest economy, China, describing negotiations at times as "disruptive", and whose effects have already led to softened global growth, weakened manufacturing and muted business investment. Those tensions jumped up a notch when Trump announced the next day that he was prepared to widen tariffs against China on September 1, and Beijing retaliated. But with trade it's much harder to pin down precisely, even while recognizing the impact it has on creating volatility in financial markets and the economy.

On Twitter, the president said of the Federal Reserve, "Incompetence is a bad thing to watch, especially when things could be taken care of sooo easily".

"I am not! The Fed's high interest rate level, in comparison to other countries, is keeping the dollar high, making it more hard for our great manufacturers like Caterpillar, Boeing, John Deere, our vehicle companies, & others, to compete on a level playing field", Trump wrote on Twitter. Investors took the view that deeper Fed easing was needed and USA stocks fell.

The Fed lowered rates on July 31 for the first time since 2008 in a move aimed at sustaining the record-long USA economic expansion amid uncertainties stemming from the trade dispute and weakening global growth.

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Central bank chief Jerome Powell would not commit to further loosening policy, describing the last move as only a "midcycle adjustment".

So, one takes it that Mr Trump is none to pleased with the Federal Reserve at the moment.

Trump has been relentlessly pressuring the Fed to cut interest rates in nearly daily tweets. "US monetary policy can not reasonably react to the day-to-day give-and-take of trade negotiations", Bullard said in a presentation in Washington on Tuesday.

"I think the markets then will go haywire because they've been depending on Trump policies to keep on pushing the market up and also higher growth rate in the USA", he told the CNBC on August 1.

"Our problem is not China - We are stronger than ever, money is pouring into the USA while China is losing companies by the thousands to other countries, and their currency is under siege", he tweeted. "We will WIN anyway", he said.

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